The high unemployment rate has decreased the pressure to increase wages on average, said Jerry Webman, chief economist for OppenheimerFunds, which has $232 billion in assets under management.
"It will happen slowly," Webman said. "We're not seeing enough broad strokes in the economy to really accelerate wages across the various sectors."
A shortage of skilled labor in the manufacturing and oil production industries means those employees could demand higher wages, he said.
"A master welder in North Dakota might have a lot more leverage because many people don't have those skills," Webman said.
Wages will increase once business productivity accelerates and one encouraging sign is the current improvement of company revenue, he added.
"I think we are seeing a trend in second quarter earnings with improved sales," Webman said. "This is a better time for companies to invest in new equipment or computer machinery and hire people skilled in those areas. This could create a positive cycle for both businesses and for people looking for work."
While many companies have a "fair" number of job openings, there are still many unemployed people, demonstrating "a gap" in what employers are seeking and the lack of skills many employees have which could be boosted by additional training, he said.