When will wage inflation start to spiral?
"From 2001 to 2004, the productivity of American workers -- the amount they produced for each hour on the job -- rose enough so that companies could pay somewhat higher wages without raising prices. The new data changed that benign picture. They showed that business compensation per employee-hour soared almost 8% in the year through June. Adjusted for higher productivity, labor costs jumped 5%, a near six-year high."