Updated price data shows that wage growth continues to outpace price growth, leading to a strong real wage increase. For non-managerial workers (80% of workforce), real average hourly earnings are higher than expected based on pre-pandemic (2015-19) trends.

will be interesting to see if the Nov-Dec gains are sustained. If so, another reason to worry that the Fed holds rates even longer.

could make the argument we are where we would have been sans pandemic.

what if you simply used 2017-2019? you would see that slope even better.

Did you use all of the 2019 data? It sort of looks like that line should have a steeper slope.