Source: MIL-OSI Submissions
Source: First Union
Labour market data out today confirms that the tight labour market is finally giving workers across the economy the pay increases they deserve.
“The 6.4% annual increase in the average wage is good news for workers, who are struggling with a cost-of-living crisis driven by global supply chain disruptions and unscrupulous corporate profiteering,” said FIRST Union researcher and policy analyst Edward Miller.
“Economists and media commentators will be busy trying to argue that this is evidence of a wage-price spiral, but the case has been poorly laid out.”
“Many of the sectors that are driving domestic inflation – like construction and real estate – are seeing below-average wage growth. Workers are chasing inflation, not driving it.”
“What we’re seeing here is a labour market correction. For the past three decades, labour productivity growth has almost doubled wage growth. This has been particularly clear in essential service sectors like retail and transport where labour productivity has grown three to four times as fast as wages.”
“The tight market is pushing employers a bit harder to attract and retain staff. That’s a good thing, and long overdue.”
