Kevin Drum thinks long-term:
Sorry, did I say down? Yes: inflation over the past 12 months has clocked in at about 4.1%, so a 3.9% rise in nominal wages is a decrease in real wages. This is the "wage spike" the Fed is supposed to be concerned about.
Riddle me this: if the Fed tries to put the brakes on wages every time they creep up from negative to zero, what will hourly wages look like over the long term?
Answer: consistently down.
You know what would fix this? If Paris Hilton got a tax cut.