The good news is that the unemployment rate is lower now than it has been at any time since before the Great Recession. The bad news is that average wages have not risen as much as most economists would expect them to. Traditionally, the better the unemployment rate, the higher employers have to pay workers to keep or attract them.
So why is the current situation different? There is no conclusive answer at the moment. But some theories might tell us that the old way of thinking is no longer valid, and might spell bad news for most workers. The rise in job-automation technology and a decline in union membership might be weakening the bargaining power of workers. Or companies are investing more in retraining their existing workers and less in wages to attract new workers.
For the full story, read this article from Bloomberg.