The Bureau of Labor Statistics quarterly report of Weekly Earnings for the US worker showed that wages increased 5.7 percent in the last year, outpacing consumer inflation which is at 4% year-over-year. This is a welcome change for workers who had seen their real wages fall during the post-pandemic inflation spike.
“When job openings outnumber the available workers nearly two to one, wages are going to naturally be driven higher," Crapuchettes added. "We’re in a historic worker shortage as our economy continues to adjust to the decline in population growth. That means competition for employees will continue driving wage inflation at its own pace, regardless of other factors. It’s the basics of supply and demand, and the tight labor market isn’t going to ease up anytime soon.”
Founded In 2021, RedBalloon has quickly become America’s largest connector of employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates. RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator who has founded several successful tech companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago.