There May Be a Raise in Your Future
You'll be glad to note that there's a bit of a bright spot on the economic horizon -- the pace of annual wage gains for private sector workers is expected to improve, and there's a good chance you'll be getting a raise -- at least a slight one. But you'll have to wait until later this year, according to BNA's most recent Wage Trend Indicator(WTI).
"The economy is still moving forward - it's just not moving forward very fast," economist Kathryn Kobe, a consultant who maintains and helped develop BNA's WTI database, said. "We're seeing small incremental improvements in the labor market."
She expects a pickup in the rate of annual wage growth to around 2.0 percent by the end of the year, based on the current path of economic recovery. Hey, 2 percent is better than nothing, right?
All but two of the seven components measured by the WTI showed improvement. These include job loss, industrial production, the share of employers planning to hire production and service workers in the coming months, and economic forecasters' expectations for the rate of inflation. The only negative component was the average hourly earnings of production and non-supervisory workers. The final component -- the proportion of employers reporting difficulty in filling professional and technical jobs, stayed the same.
That means fewer people are losing jobs, industrial production is rising, employers are planning on adding workers to their payrolls, and economists don't expect big inflation any time soon. Granted, these are just baby steps going forward, but at least it's better than the opposite direction. These are just a few positive notes to keep June, overall, from being "one of those months."
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