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Wage growth slows across the country

Wages in the United States are going up, but their growth is shrinking, says Glassdoor chief economist Andrew Chamberlain.

Reproduced from Glassdoor Local Pay Reports; Chart: Axios Visuals

By the numbers: Wages should be rising an average of 3%–4% given the tightness of the job market, Chamberlain says.

  • According to official data from the U.S. Bureau of Labor Statistics, wage growth was a lower 2.6% in February.
  • Yes, but: Glassdoor data — based on a survey of 100,000 salaries posted by the jobs site every month — show even lower growth, shrinking to just 1% last month.

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.

Michael Sykes 6 hours ago
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The U.S. has a massive shortage of truck drivers

Freight trucks parked in a parking lot
Freight trucks parked in a service center parking lot. Photo: Scott Olson/Getty Images

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.

Haley Britzky 21 hours ago
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The EU and U.K. want to be front and center on AI research

Theresa May visits an engineering facility.
Britain's Prime Minister Theresa May visits an engineering training facility in Birmingham. Photo: Andrew Yates/AFP/Getty Images

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.