• Wages are climbing at the fastest rate since the 1980s as businesses scramble to attract workers

    10 days ago - By Business Insider

    Chandan Khanna/AFP/Getty Images
    Companies facing the US labor shortage are simply deciding to pay workers more.
    Average wages rose $0.15 in May. Together, the April-May jump is the largest since 1983.
    Job openings sit at record highs, and Americans are demanding higher pay before rejoining the workforce.
    See more stories on Insider's business page .
    For more than two months, businesses have faced difficulties in hiring. Data published Friday suggests employers are picking the simplest solution: paying workers more. Average hourly earnings jumped $0.15 in May to $30.33, the Bureau of Labor...
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  • The US labor shortage could last months, the Federal Reserve said. It's already causing some companies to limit production and slash operating hours

    10 days ago - By Business Insider

    A Publix supermarket cashier bagging groceries.
    Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images
    The Federal Reserve said labor supply was likely to remain "constrained" over the next few months.
    Businesses blamed the shortage on unemployment benefits, childcare, transport issues, and low wages.
    Companies including McDonald's and Uber and private health firms are scrambling to find workers.
    See more stories on Insider's business page .
    The US labor shortage hitting industries from education and healthcare to hospitality and ride-hailing apps could last months, the...
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