General Discussion
In reply to the discussion: "there’s reason to believe the link between falling unemployment and rising wages has been severed" [View all]bhikkhu
(10,789 posts)and its nowhere close to historic lows:
http://upload.wikimedia.org/wikipedia/commons/7/74/US_Labor_Participation_Rate_1948-2011.svg
One of the main drivers of the upswing was the baby boomer's very high participation, which included women at a much higher rate than previous generations. The downswing has two main drivers - the recession, and the latest generation of students going to college rather than getting jobs right out of high school. College attendance rates are at record highs, which bodes well for the future.
Or you can look at the number of people seeking work:
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Its all encouraging, but as the OP and everyone else has been saying for the last year - until we see higher wages, no one's really convinced.