Is recent wage growth real?

Wage growth for the lowest-earning Americans is outpacing increases for the top earners. A contributing factor could be many states and localities raising their wage baselines — pushing the effective minimum wage in the U.S. to nearly $12 per hour while the actual federal threshold is $7.25. The downside is that these increases could make the labor market look healthier than it is or even like it were overheating, writes Ernie Tedeschi in The Upshot.