Since then, incomes for these groups have risen more rapidly, as wage growth has picked up—and picked up most for the lower-paying jobs (figure 7). Recent years’ data paint a hopeful picture of more people in their prime years in the workforce and wages rising for low- and middle-income workers.
But as the people at our Fed Listens events emphasized, this is just a start: There is still plenty of room for building on these gains. The Fed can play a role in this effort by steadfastly pursuing our goals of maximum employment and price stability.