Survey: Pay raises rarer despite strong US hiring

Associated Press ^ | Oct 20, 2014 9:38 AM EDT | Christopher S. Rugaber

[Olog-hai]

U.S. businesses were much less likely to boost pay in the third quarter than in previous months, even as hiring remained healthy, a sign that wage gains may remain weak in the coming months.

A quarterly survey by the National Association for Business Economics found that only 24 percent of companies increased wages and salaries in the July-September quarter. That’s down from 43 percent in the April-June quarter and the first drop after three straight increases.

Yet the firms still added jobs at a healthy pace, which usually pushes wages higher as employers compete for workers. A measure of hiring in the survey dipped in the third quarter but remained near a three-year high. The figures suggest that the number of people out of work remains high enough that companies aren’t under any pressure to raise pay. …

[Sam Gamgee]

As Schiff pointed out, 90% of the jobs went to 55 and over candidates. The likely reason is that the retirement dream just hasn't worked out like expected, so those in retirement are getting a job, any job, to get by. Meanwhile youth are effectively knocked out of job hopes.