Will wages outpace inflation for long? It depends on the job:
Wages are now finally beating inflation, according to the latest quarterly data on wage growth. But ...
cnn.com/2023/05/05/economy/real-wages-inflation/
Wages Rise Amid Inflation and Economic UncertaintyMedian weekly earnings grew 6.1% in Q1 2023, surpassing inflation, while small firms report hiring challenges in key sectors.
- Median weekly earnings for full-time workers increased by 6.1% in the first quarter of 2023, outpacing the 5.8% rise in consumer prices.
- Job changers and employees in sectors facing hiring difficulties, such as leisure and hospitality, are seeing the most significant wage gains.
- Labor shortages persist, with 53% of small businesses reporting few qualified applicants, which pressures employers to raise wages.
- Despite recession forecasts, April’s labor market remains robust, adding 253,000 jobs and maintaining a 3.4% unemployment rate.
This is still an incredibly tight labor market and employers are still having to beat out competition to secure talent. And even if employers want to get back to normal and control wage growth, they just don’t have much choice but to raise wages to increase recruitment and retention.— Julia Pollak, chief economist at ZipRecruiter, in the article on wage growth and the tight labor market
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compensation that one receives in exchange for the work or services performed
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