HelpWanted.com

Increasing salaries for workers and rapid inflation

Increasing salaries for workers and rapid inflation
The rate of wage increases by employers remained stronger than anticipated, but they were still insufficient to offset the inflation rate's even greater acceleration. According to the Employment Cost Index, which was issued by the Bureau of Labor Statistics, wages and pay for civilian workers grew 5.3 per cent over the year that ended in June and 1.4 per cent in the second quarter. Both metrics reflect a faster increase compared to the first quarter.

Although the quarterly change fell short of the 1.5% increase in the autumn of 2021, the 12-month gain was the largest since the spring of 1983. After accounting for inflation, the situation is less favourable. After accounting for increased costs, wages and salaries fell by 3.5% over the previous year. Just slightly less than the 3.6 per cent decline for the year ending in March, which was the worst decline since the agency started compiling figures that were adjusted for inflation in 2001.

According to Jason Furman, a professor of economics at Harvard University and a former head of the Obama administration's Council of Economic Advisers, the statistics clearly reveal that individuals are falling behind. Employers have had to boost pay to retain employees and fill unfilled positions as a result of the Covid-19 pandemic's extremely tight labour market, even though the rises don't keep pace with the cost of living.

Source - CNN 
Tags In
Education India India Apple India Tata Technologies

Previous days news

Jul 20 Jul 18 Jul 15 Jul 13 Jul 11

You might also like

Best tech jobs in the United States : BLS data

For several reasons, the IT sector is appealing to job seekers. ...Read more

Salaries for Californian fast food employees might rise to $22 per hour

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Workers leave as job dissatisfaction grows

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

Microsoft offers graduates from African nations job prospects in the US & Canada

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

Casper is hiring professional sleepers

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Others news
Category
Tags
IoT Small Business Real Estate Jobs Citi Bank Jobs Sectors Maid Jobs Tejas Fighters Fresher Hiring Software-as-a-service Data Science Jobs Union Territory Rural India ASHA Workers Worker Death Consumer Economy Labour Law Apple Hiring Advertising Digital Marketing AI Hiring Hiring In Infosys COVID-19 Olympics Professors Indian Military Academy Banking Jobs Kerela Covid-19 Jobs Wind Project USA REET 2021 Mental Health MSME Sampark Supply Chain WFH Placement Drive Salary Breakdown Finance Jobs UPSC Jobs Jobs At AIIMS Textile Sector Coal India Diamonds Govt Job Hard Skills Economic Distress Chennai Jobs Ola Cabs Deputy Commissioner Govt Employees
Articles

With Manufacturing Jobs Returning to America, What Does It Mean for Manufacturing Job Seekers?

Reshoring is on its way for the US, due to the ongoing COVID-19 crisis, especially for the tech man ...Read more

I-9 Compliance for Remote Employees - A Guide for Companies

More than 50% of the US workforce is working remotely as of now. According to experts, about 25-30% ...Read more

With Remote Working Being the New Norm, How to Hire the Best remote Workers

Before the advent of the COVID-19 pandemic, about 7 million people in the US alone were working rem ...Read more

A Guide for HR Professionals to Ensure Diversity and Inclusivity at Workplace

One of the key responsibilities of HR teams is to ensure a diverse workplace and manage it effectiv ...Read more