Workers in the richest countries in the world received the highest pay rise in decade, Bloomberg reports. This might help central banks to solve the problem that bothers them for a long time.

Declining unemployment level in Japan, USA and euro area finally made companies to raise wages to attract workers. According to JPMorgan Chase & Co., wage increase in developed countries was 2,5% in the second quarter. This is the highest gain since the beginning of financial crisis in 2009. According to bank’s forecast, this growth will accelerate to 3% next year.

This tendency will support global economic development that is already highest since 2011, as well the strategies of central banks aimed at tightening monetary policy. This is however less optimistic news for stocks and bonds, as higher wages will put pressure on profitability and will cause increase in inflation.

If such tendency continues, then dispute on violation of historical dependence between strengthening labor market and wages will be over. Recently, reliability of Phillips Curve, economic model developed in 1960s, was under doubt as reduction in unemployment level in developed countries has not provided for expected wage rise. The reasons might be in assimilation of China and India into global labor market, higher automation, retirement of baby boomers replaced by low-cost workforce, lower influence of unions, etc.

Average hourly wage for American workers grew by 2,9% in August compared with last year. This is the highest gains since crisis end in 2009. In Japan, wages grew with 1,5% pace in July, while in euro area it was 2,2% in the second quarter.