Falling wages could hold back growth in the US and UK

The US and UK are relying disproportionately on employment growth to drive consumption, but it won't be sustainable in the long term.

Deteriorating retail conditions on both sides of the Atlantic threaten to curtail the economic recovery in the UK and the US.

Falling real wages appear largely to blame and, combined with low productivity growth, point to a difficult period for households. Unless that changes, both economies are currently on an unsustainable path.

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