News

Politics & Policy

Wages, Benefits Grow at Fastest Rate in Nearly a Decade

(Pixabay)

American workers’ annual wages and benefits rose in the quarter covering April to June at the fastest rate since 2008.

Wages plus benefits increased 2.8 percent in the second quarter as compared to the same period last year, according to a Tuesday release from the Bureau of Labor Statistics.

Still, inflation has risen 2.9 percent over the past year, keeping pace with the increasing rate of total compensation, which counts benefits as well, for private sector workers in the second quarter.

Wages have remained low despite an improving economy, but the recent jump may signal they are catching up to inflation as companies offer more pay to snag workers while unemployment drops and more opportunities open up.

The last time unemployment was at 4 percent and there were more open positions than workers, as is the case now, was 18 years ago. Hourly wage growth was between 3.5 and 4 percent then.

Total compensation costs for workers only increased 0.6 percent, however, down from 0.8 percent in the first quarter of the year.

Sales-related jobs increased 3.5 percent and transportation and material moving were not far behind at 3.4 percent.

Economic numbers released last Friday showed a high gross domestic output of 4.1 percent.

Most Popular

World

Kurdish, Syrian, and Turkish Ironies

Outrage met Donald Trump’s supposedly rash decision to pull back U.S. troops from possible confrontational zones between our Kurdish friends in Syria and Recep Erdogan’s expeditionary forces. Turkey claims that it will punish the Syrian Kurds for a variety of supposed provocations, including aiding and ... Read More
Sports

LeBron James Looks Like a Fraud

So, LeBron James claimed that Houston Rockets GM Daryl Morey was simply “misinformed or not really educated on the situation” when he tweeted his support for pro-democracy protesters in Hong Kong. “I don’t want to get into a feud with Daryl Morey, but I believe he wasn’t educated on the situation at ... Read More
Elections

Elizabeth Warren Is Jussie Smollett

Elizabeth Warren has a moving story about being fired from a teaching job because she was pregnant, a story that perfectly complements her political narrative that she is the tribune and champion of those who have been treated unfairly by the powerful. Joe Biden has a moving — and horrifying — story about his ... Read More