Fastest Wage Increases in 50 Years
In a recent article by Jeffrey Bartash, he says wage gains for private-sector workers are at a 10 year high. With unemployment at its lowest in 50 years, workers across the board are enjoying greater wage and benefit increases than ever before.
On average, compensation increased 3.1% in the last 12-months with manufacturing trailing at 1.9% and public relations and entertainment positions leading at 4.8%.
Since 2016, the economy has been on steroids and so has the creation of new jobs. The result is a shortage of workers with wage increases being business’s solution to increase their access to good candidates.
Recent surveys indicate the greatest wage increases are enjoyed by those leaving positions for new ones. Either way, this is good news for those looking for a job, to change their job, or needing a job upgrade.