Wages and salaries climbed last quarter by the most since 2008 as a dwindling number of unemployed per job opening approached a tipping point. Amid rising profits and sales per employee, some companies have a cushion to boost compensation.
“Wage growth is beginning to bubble up,” said Mark Zandi, chief economist at Moody’s Capital Markets Group in New York. “It’s still nascent, early stages, but the labor market is now tightening to the point where we are beginning to see some stronger wage gains. This is the beginning of more definitive acceleration.”