Economists say employers will continue to give big pay raises, but they won’t solve the labor shortage and could contribute to rising inflation.
, and employers are pulling out all the stops to get workers in the door by offering signing bonuses and higher pay.
"We have seen no indication that these wage increases will slow down," says Rucha Vankudre, a senior economist at Emsi Burning Glass, a labor market analytics firm."What else can [employers] do? We'll have to see. They've done the things we've expected them to do at increasing rates, but what's next?"
Everyone has their eye on whether big raises will continue, adds Emsi Burning Glass senior economist Ron Hetrick:"There is absolutely no hope of being done with them."Companies are banking on attracting new hires by openly advertising their pay. There are four times as many job postings that list their pay compared to 2016, with much of the growth happening in the last two years alone, according to Emsi Burning Glass.
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