Rapid Wage Growth Keeps Pressure on U.S. Inflation
Pay increases have exceeded an annual 5% every month this year as companies vie for workers in tight job market
Workers’ wages are rising briskly, a factor contributing to four-decade high U.S. inflation.
Average hourly earnings grew 5.2% in July from a year earlier, and annual wage gains have exceeded 5% each month this year, the Labor Department said Friday. The rapid earnings growth adds to other evidence that employers are continuing to increase pay as they try to find and keep workers in a tight job market.