Workers are receiving the fattest wage increases since the Great Recession.
Wages grew 3.4% in the past year, the government reported Friday, the fastest pace in nearly a decade and well above inflation, suggesting that employers are hustling to lure and retain workers. Many are slashing requirements for jobs and are hiring workers quickly to prevent them from being scooped up by competitors, a far cry from the days when job seekers felt lucky to even get a callback.The unemployment rate fell to 3.
Ron Nelsen, who runs a garage door business in Las Vegas called Pioneer Overhead Door, said a man in his late 20s showed up at the office at 7:30 a.m. recently in work pants and white T-shirt saying, “I need a job. I’m ready to go to work.” How long the good news will continue for workers is unclear. Many forecasters anticipate a U.S. recession in the next two years, and the rest of the world economy is already slowing. And while things have picked up lately in the United States, millions of Americans are still shaking off years of stagnant wages and volatile personal finances.
IBM will often hire top MBA students and recent PhDs in science or math fields even if there are no immediate specific jobs for them, company chief economist Martin Fleming said, because executives know they are competing for talent with Google, Facebook and other technology giants. Wanamaker points out that 72% of new hires came from outside the labor force, meaning an unusually high share were not even hunting much for jobs in the past month when employers lured them in.
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