Data: U.S. Department of Labor and Wells Fargo Securities; Chart: Axios Visuals
Employers are doing what they have to do to address persistent labor shortages: They’re offering more money.
Why it matters: The reopening of the U.S. economy is fueling demand for goods and services. But businesses have struggled to meet that demand because current pay rates aren’t attracting the qualified applicants that employers want.
By the numbers: The June jobs report on Friday showed average hourly earnings were up 0.3% month over month in June.
This continued growth is notable because it comes on top of a 0.4% gain in May and a 0.7% jump in April.
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