If you guessed A, you have been reading too many tech blogs. The answer is **The Supervisors**. While the headline growth is 3.8 percent, wage growth for *Production and Non-Supervisory* employees has decelerated to 3.6 percent. It is falling. The "raise" touted in the press did not vanish. It was absorbed by the layer above you. This is a K-Shaped wage spiral. The top arm of management rises. The bottom arm of labor stagnates.