Working People Getting Raises... - WSJ

American small businesses continued to add jobs in June and a record number of small firms raised employee compensation in a historically...


American small businesses continued to add jobs in June and a record number of small firms raised employee compensation in a historically tight U.S. job market. That’s according to the latest monthly employment survey from the National Federation of Independent Business, due out later today.

NFIB Chief Economist William Dunkelberg reports:

Seasonally adjusted, a net 39 percent reported raising compensation (up 5 points), a record high. A net 26 percent plan to raise compensation in the next three months, up 4 points. There is little an owner can do to attract needed employees other than offer higher compensation.

The rising compensation helped small firms continue to add workers. Mr. Dunkelberg reports that 16% of surveyed firms reported increasing employment while 14% reported lower employment. “Quits are historically high,” he adds and notes that “a lot of the hiring is this churn, leaving one position for a better paying job… On balance, employment is up”.

Workers getting raises is good news. But the disturbing part of this story is that the workforce is smaller than it was before Covid benefits started flowing. Now the people running small businesses are wondering when former workers will rejoin the productive economy. Mr. Dunkelberg notes:

Small businesses continue to struggle to find workers to fill open positions which are historically very high. Forty-six percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down 2 points from May but still far above the 48-year historical average of 22 percent.

The Journal’s Bryan Mena reports today on unemployment claims:

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Newsrust - US Top News: Working People Getting Raises... - WSJ
Working People Getting Raises... - WSJ
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