The US Wage Puzzle

It looks really a mystery to me the reason why wages are not raising this year. Unemployment is at 3.9% and Companies are complaining about a shortage of employees. 

With such a low unemployment rate we should see a substantial pick up in wages but on the contrary accounting for inflation real wages decreased in July.

As you can see on the charts below from the Bureau of Labor Statistic during the last 2 years Real Wages appreciation has been below 1%. 

So if you had a Performance Increase of 3% last year, basically you are not better of due to the fact that Inflation is almost at 3% this summer.

The only good news about this it's that the risk of Inflation getting out of control has a very low probability in my opinion.