Many of the nation’s lower-paying jobs are increasing wages in an attempt to retain employees.
Industries which typically offer lower pay rates, such as gas stations and food and beverage stores, are currently raising their wages at a faster rate than higher paying professions.
According to a recent report from Bloomberg Markets, research conducted by economists Emanuella Enenajor and Lisa Berlin has revealed that there has been some substantial upward pressure on wages in 2016, especially in industries that rank in the bottom 20% by pay. An analysis conducted by the two economists suggested that minimum wage increases only accounts for about half of this increased rate of wage growth, while the shortening supply of labor accounts for the rest.
Bloomberg Markets reported that labor supply for low-paying jobs is on the decline, and this is forcing employers to increase wages in order to retain a staff of workers.
