US companies offering record-high raises to retain workers, keeping pressure on inflation

The extremely tight labor market has allowed workers to quit their jobs in favor of better wages, working conditions and hours – a new trend dubbed the "Great Resignation." The Labor Department reported last month that employers had 10.3 million positions open at the end of October, meaning there are roughly 1.7 posted jobs for every unemployed worker.

The concern among some economists is that higher wages are keeping pressure on stubbornly high inflation, which climbed 7.1% in November from the previous year, according to the Labor Department. "The labor market remains tight and overheated," said Joe Brusuelas, RSM chief economist. "Competition for a labor inside a workforce that is now shrinking supports higher wage gains, which is feeding into elevated inflation across the economy and inside the service sector."

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Minimum wages, pay transparency will both be on the rise in 2023 - San Francisco Business TimesFrom increasing salary expectations to pay transparency pushes, pay was a big challenge in 2022. Experts say 2023 will bring more of the same.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Jim Cramer's top 10 things to watch in the market Tuesday: Wages too high, China reopeningEmployment number Friday. Federal Reserve should move if we don't get above 4% unemployment and wages don't fall. If you’re overpaid, overhyped Jim Cramer, it’s easy to say “wages are too high.” But what if you’re trying to support family w/Walmart job? Media, STFU about wage increases driving inflation. WAGES HAVE NOT INCREASED TO MATCH COL SINCE 1976. Inflation is price-gouging, period. 1 Jim Cramer
Source: CNBC - 🏆 12. / 72 Read more »