Wages Increase by the Highest Rate in 20 Years
According to the Labor Department, wages and salaries increased 1.5% in the third quarter, the highest one quarter jump in the last 20 years. Benefits also increased by 0.9% in the quarter.
The increase comes as companies are being forced to offer higher pay to fill a near-record number of open job positions.
Millions of Americans have been quitting their jobs in search of better paying positions with more benefits and better perks. In August, nearly 3% of Americans quit their jobs in what is being called the "Great Resignation."
Despite the increases in wages and salaries, they are not keeping up with current inflation which rose 5.3% in the third quarter.
Photo Source: Andrea Piacquadio