The resulting relationship can be stated very simply: wages rise, relative to other prices, when unemployment is low and labor is scarce; wages fall, relative to other prices, when unemployment is high and labor is abundant. The chart below nicely illustrates this relationship in U.S. data. It relates current unemployment to subsequent real wage inflation.
The charts (at the link) shows very noisy relationships between nominal variables and unemployment but a reasonably strong inverse relationship between unemployment now and real wage growth later.
Thanks to a commenter for the pointer. I remain concerned that macroeconomists have very elastic theories and empirical methods that can be used to confirm almost any story.