Workers’ wages have picked up in March, but there is no sign of a large increase in their acceleration. Average hourly earnings in the private sector on average increased by 7 cents, to $24.86 according to the U.S. Labor Department. This was a 0.3% increase, which was up from the 0.1% rise in February. Hourly earnings were only up 2.1% from last year, which is little change compared to the 2% annual average of each of the past 5 years. Many economists have predicted that wage growth would accelerate with a tighter labor market and more competition amongst workers. Additionally, large corporations, such as Wal-Mart and Target and McDonald’s have announced large pay raises for their employees in recent months. Most economists say that these large-scale pay raises have not been fully felt by the economy yet, and for that reason, are not showing up as large effects in the data.