Some economists say now is an opportune time to ask for a raise, if you haven’t done it already.
. All industries have experienced wage growth, but the greatest effects are in the private sector, where compensation jumped 4.5% year-over-year during the final quarter of 2021. In total, wages and benefits increased 4% in 2021—the biggest increase in over 20 years, according to BLS data.
“While leisure and hospitality led employment gains in the first half of 2021, it is the only industry where job switchers’ wages were basically flat on average in December 2021 compared to previous year,” says Nela Richardson, ADP’s Chief Economist. Perhaps the best explanation for the trend of increased wages is the ubiquitous ‘help wanted’ signs posted outside stores and businesses across the nation. At the end of 2021, there were roughly 11 million job openings in the U.S., with the largest increase in the accommodation and food services industry.
—a quarterly measure of wages and benefits paid by employers—shows that costs continue to rise at the highest rate in two decades, largely due to supply chain delays. Some employers are using those cost increases as an excuse to boost prices. For workers, that means bigger paychecks have largely been offset by rising prices, asover the past year has cut into workers’ purchasing power.
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