Employers are paying up to address labor shortages [View all]
Source: axios
2 hours ago - Economy & Business
Employers are doing what they have to do to address persistent labor shortages: They’re offering more money.
Why it matters: The reopening of the U.S. economy is fueling demand for goods and services. But businesses have struggled to meet that demand because current pay rates aren’t attracting the qualified applicants that employers want.
By the numbers: The June jobs report on Friday showed average hourly earnings were up 0.3% month over month in June.
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What they’re saying: "Getting workers back to the job site has not come cheap," Wells Fargo senior economist Sarah House writes. "Employers have had to pony up in industries where shortages have been particularly acute."
Lower-wage industries, like leisure, hospitality and retail, which combine to employ 30 million people, reported strong gains.
Leisure, hospitality and retail accounted for 49% of the 850,000 jobs added in June.
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Read more: https://www.axios.com/wages-rising-labor-shortage-b7b6bed0-1113-4428-8765-963fd4ca5051.html?utm_campaign=organic&utm_medium=socialshare&utm_source=twitter
slowly but surely--employers need workers and workers need a living wage.
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Data: U.S. Department of Labor and Wells Fargo Securities; Chart: Axios Visuals
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