Lowest inflationary pressure since the dinosaurs roamed the planet, says Dallas Fed Richard Fisher. $$
Of course, back then everyone was employed as a hunter-gatherer, leading to a 0% unemployment + underemployment rate. Actually, that's a bit backwards. Well, women had yet to enter the workforce; although I do recognize cave-keeping to be a full-time job.
Anyway, the current excess capacity and high unemployment means that there is quite a bit of slack in the economy that needs to be tightened up before we start seeing upward pressure on wages.