(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.