JUST IN: U.S. economy adds 678,000 jobs in February, beating experts’ expectations, and unemployment rate falls to 3.8%.
The robust recovery of the labor market continued last month, as the economy added 678,000 jobs in February, and the unemployment rate
Drew Matus, the chief market strategist at MetLife Investment Management, said, “We’ll probably see an acceleration of wage growth in the next two quarters at least.” It’s welcome news for workers whose paychecks have increasingly been eroded by inflation, which is at levels that haven’t been this high since the early 1980s. “The faster wage gains we’ve seen in 2021 have been a reflection of a very good trend for workers,” Bunker said. “They have the bargaining power to negotiate.”
“For workers, hearing that higher wage growth is a negative because of inflation is not much of a balm. Workers care about the money that’s in their pockets,” Zhao said, noting that discussions about inflation on Glassdoor have jumped by a whopping 600 percent year over year. “Ultimately, it is something we know employees and workers are significantly concerned about.”
“Employees at the higher end of the wage spectrum also have a lot of negotiating power, but a lot of them are using it to negotiate more autonomy, more flexibility and the ability to continue working from home,” he said. “It doesn’t show up in wages, but it’s part of compensation, and I think you’re seeing higher-wage workers using more of their negotiating power to fight for that aspect.”
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