The United States is experiencing a major labor shortage and this is forcing employers to increase wages at the fastest rate in 25 years in order to fill US job vacancies. According to the US Department of Labor’s Job Openings and Labor Turnover Survey (JOLTS) report released in early May 2021, there are more than 8 million jobs in the USA available to job-seekers. This is the most US job vacancies since December 2000. Employers in various business sectors are trying to attract new workers by significantly increasing wages. For example, one of the world’s largest banks raised its minimum hourly wage from $20 per hour to $25 per hour and an international sporting goods store is increasing the hourly wage paid to its employees from $10 per hour to $15 per hour. One of the largest fast-food restaurants in the world has also announced that its 36,500 employees who are working in the USA will get a 10% pay raise. A chief economist at Moody’s Analytics said that US wage growth during the first three months of 2021 is the highest since the 1990s. The Credit Suisse chief equity strategist declared that employers are increasing pay “everywhere” – in finance, manufacturing, retail and other business sectors. To read more, click here!