The article states that the the workforce is approaching full employment, but isn't that because of declining participation? The unique status of the U.S. having the only declining workforce participation among advanced countries,** may somehow be related to the stagnation of wages?
* http://blogs.wsj.com/economics/2016/02/09/voluntary-job-quitting-hits-highest-level-in-nine-years/?mod=djemRTE_h
** http://stopcontinentaldrift.blogspot.com/2016/02/workforce-participation-rates-by-year.html
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