Every so often you want to write about a subject but then find out someone has beat you to it.
Grog's Gamut has a good article about the fallacies behind the whining on the labour market.
He also has a good article on why the is no wage breakout as all.
Wages are doing little, Industrial disputes have done little and of course NAIRU hasn't thus changed.
Like most of the time the critics of the labour market have no evidence to back up their claims only slogans,