Economics/Class Relations

Wages jump by the most on records dating back 20 years

It makes sense. Labor shortages combined with legislated minimum wage increases would likely have the effect of increasing wage rates overall, but at the cost of contributing to the inflation rates that we’re seeing now as employers tend to pass labor costs onto consumers.

WASHINGTON (AP) — Wages and salaries jumped in the three months ending in September by the most on records that date back 20 years as companies are forced to offer higher pay to fill a near-record number of available jobs.

Pay increased 1.5% in the third quarter, the Labor Department said Friday. That’s up sharply from 0.9% in the previous quarter. The value of benefits rose 0.9% in the July-September quarter, more than double the preceding three months.

Keep scrolling for a list of U.S. cities with the largest growth in high-paying jobs

The figures demonstrate that workers are gaining greater leverage in the job market and are able to command higher pay, more benefits, and other perks like flexible work hours. With more jobs available than there are unemployed people, government data shows, businesses have been forced to work harder to attract staff.

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