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US Wages Jump By The Most In Records Dating Back 20 Years

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FILE - In this Sept. 22, 2021, file photo, a hiring sign is placed at a booth for Jameson's Irish Pub during a job fair in the West Hollywood section of Los Angeles. California's historic hiring slowed down in September as the state added 47,400 new jobs. California has been averaging more than 100,000 new jobs each month since February. New data released Friday, Oct. 22, 2021, by the U.S. Bureau of Labor Statistics shows California is now tied with Nevada for the highest unemployment rate in the country at 7.5%. (AP Photo/Marcio Jose Sanchez, File)

(AP) — Wages and salaries jumped in the three months ending in September by the most on records that date back 20 years as companies are forced to offer higher pay to fill a near-record number of available jobs.

The Labor Department said Friday that pay increased 1.5% in the third quarter. That’s up sharply from 0.9% in the previous quarter. The value of benefits rose 0.9% in the July-September quarter, more than double the preceding three months.

The figures demonstrate that workers are gaining greater leverage in the job market and are able to command higher pay, more benefits, and other perks like flexible work hours.

 

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