Wages in the United States are going up, but their growth is shrinking, says Glassdoor chief economist Andrew Chamberlain.
By the numbers: Wages should be rising an average of 3%–4% given the tightness of the job market, Chamberlain says.
The bottom line: Chamberlain attributes the stagnation to poor growth in productivity. If worker productivity is rising as measured by what's made each hour, ordinarily wages should rise because they can charge more for their labor. But hourly productivity is not rising, hence neither are their wages. “I don’t think anyone has an answer for that,” he said.
Retail shipping rates across the country are rising due a U.S. shortage of 51,000 truck drivers, projected to rise to 100,000 by 2021, USA Today reports.
The details: New regulations on the freight industry restricting the hours drivers can work without a break are reducing interest in the job. Plus, baby boomers are retiring from the truck driving business and millennials have been unwilling to replace them.
The EU and U.K. both announced major investments in artificial intelligence research this week, with more than 50 tech companies contributing to a £1 billion deal in the U.K., and the European Commission announcing it would be allocating €1.5 billion to AI research until 2020.
The big picture: The U.K.'s deal, as detailed in a government press release, will include funding for "8,000 specialist computer science teachers, 1,000 government-funded AI PhDs by 2025," and development for a "prestigious global Turing Fellowship" program to attract top talent. Per the release, the U.K. will also be developing "a world-leading Centre for Data Ethics and Innovation," to emphasize ethical standards with AI research. The EU's deal also includes laying out clear ethical guidelines by the end of 2018.
