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US wages and benefits jump as economy reopens
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WASHINGTON – Wages and benefits grew quickly for U.S. workers in the first three months of the year, a sign that businesses are starting to offer higher pay to fill newly-opened jobs.
U.S. workers’ total compensation rose 0.9% in the January-March quarter, the largest gain in more than 13 years, the Labor Department said Friday.
That's up from 0.7% in the final three months of last year. The solid gain comes after weaker increases during the pandemic, when the unemployment rate initially shot to nearly 15% before declining steadily to 6% in March.
As a result, workers' pay and benefits rose just 2.6% in the year ending in March, down from 2.8% a year earlier. The data comes from the Labor Department’s Employment Cost Index, which
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