US employers are stepping on the accelerator — and that’s lifting average salaries and fueling record raises across many sectors. For the typical American worker, pay increases could soon surge past 4 percent or 5 percent for the year, according to labor experts.
By any stretch, the number crunchers say, it’s a big jump to catch up on the anemic salary growth over the past 10 years, thanks to the law of supply and demand and a booming economy. Job openings recently surpassed the number of unemployed by 1.3 million. And it’s starting to trigger bottlenecks.
For example, a trucker shortage — precipitated in part by a surge in factory orders — is forcing one company to grease the wheels with some of the industry’s largest payouts of as much as $3,100 in weekly take-home pay.