Wage growth—especially among those who switched jobs, and particularly among the bottom rung of workers—jumped. The average pay for those working in leisure and hospitality increased more than 12 percent.
And as a predicted result, inflation has jumped also. Hard economic facts meet fantasy wishes. “We demand a living wage!” Well, here it is..Expect to pay MORE.
And for those wages going up, they actually have less buying power.
Wage growth usually trails inflation, and you should be happy about higher wages, especially for the poorest part of the labor market, as it strengthens poor households and reduces social problems later on.