We always say compensation is not the primary reason to switch jobs, before compensation and inflation stayed this soft for this long. Why is compensation not rising along with increasing employment? It is the same question Janet Yellen and the Federal Reserve are grappling with watching inflation rise just 1.4% in the second quarter. According to the WSJ, Fed officials expect a tighter labor market will ultimately force employers to raise wages, and prices. Plus the economy is growing, according to their projections, and might even be perking up. The US economy expanded at a 3% rate in the second quarter. It has not expanded above 3% since 2005. Wages have grown at a 2.5% year-to-year rate since early 2016. Adjusting for inflation, which has been low in recent years, wage gains have been slightly stronger than the 30-year average. In our industry, it just gets harder and harder to attract talent, without increasing the bait.
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