Various Signs Point To Wage Gains, Finally!
Various signs are pointing to wage acceleration finally, according to Bloomberg’s Jamrisco & Chandra. The number of people working part-time who would prefer full-time employment dropped to 5.27 million, a nine-year low. The number of discouraged workers, who aren’t looking for work because they believe no jobs are available, are near the lowest level since 2008.The employment cost index rose in the first quarter at the fastest pace since December 2007. “As long as the labor market is tightening as it has been recently, it’s a very safe bet that we’re going to see wages accelerate,” said Stephen Stanley, chief economist at Amherst Pierpont Securities LLC. U.S. Federal Reserve policy makers also are counting on wage growth to pick up.
