Wages surge across developed world on lower immigration

Wages are booming across the developed world, according to The Economist. Lower skilled workers, in particular, are benefitting from the collapse in immigration:

Oxford Economics, a consultancy, finds that pay in the rich world is growing at a rate well north of its pre-pandemic average. The acceleration in compensation per employee across the OECD, a club of mostly rich countries, is equally arresting (see chart 1)…

Goldman Sachs, a bank, has created a “tracker” that corrects for pandemic-related distortions. Underlying wage growth, at about 2.5% across the G10 group of large economies, is as fast as it was in 2018…