With the U.S. annual inflation rate at a 30-year high, economists and market analysts are spotlighting the expanding financial divide between corporations and their employees. In today’s inflationary environment, large companies are reporting greater profits and revenues. At the same time, Americans have witnessed all their wage gains from over the last 12 to 15…
Japan PM Kishida Urges Companies to Raise Wages by 3 Percent or More
November 26, 2021
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TOKYO—Japanese Prime Minister Fumio Kishida on Friday urged companies whose earnings have recovered to pre-pandemic levels to raise wages by 3 percent or more at their labour talks next spring, aiming to achieve a virtuous cycle of growth and wealth distribution. Kishida also told his “new capitalism” panel meeting that the government would take steps…
Inflation ‘Way Beyond’ Transitory Becoming Growing Issue for Markets, Economist Says
Inflation that is now “way beyond” what the transitory camp believes is fast becoming a growing challenge for investors as they navigate the turbulent waters of sharp wage gains, a tightening labor market, and persistent price pressures, according to Queen’s College President and economist Mohamed El-Erian. In an Oct. 11 interview on CNBC’s “Squawk Box,”…
UK Business Minister Defends Wages Stance, Says BoE Can Handle Inflation
LONDON—The British government is right to focus on driving up wages, business minister Kwasi Kwarteng said on Sunday, expressing confidence in the Bank of England’s ability to curb rising inflation. BoE governor Andrew Bailey has said he is concerned about inflation running above the bank’s target of 2.0 percent, describing the need to prevent rising…
PNC to Raise Base Wages to $18 an Hour, Latest Bank to Do So
NEW YORK—PNC Bank is the latest large U.S. financial services company to increase wages in a bid to keep and attract employees, raising its minimum wage to $18 an hour while also giving higher-paid workers a bump in pay. The bank said Monday that the wage increase will apply to both PNC employees as well…
Fast-Food Wages Surged 10 Percent, Quickest in Years as Companies Struggle to Hire Workers
Fast-food workers’ wages increased more during the second quarter of 2021 than they did in any quarterly period in years amid the ongoing labor shortage, according to an industry report. Wages for hourly workers at fast-food restaurants surged 10 percent between April and June of 2021 compared to the same period last year, according to…
Inflation and Higher Wages: A Look at the Effect of Extra Income
More than 80 percent of Americans are concerned about inflation, according to a survey by Skynova. The survey also indicated that 61 percent feel inflation will negatively impact their lifestyles. The findings coincide with rising costs for some goods and services, and a sense of uncertainty stemming from an economy recently hit with a pandemic….
Core Inflation Stands at 29-Year High, Rises Faster Than Wages
WASHINGTON—Consumer prices continue to rise at the fastest pace in decades, prompting critics to argue that the Biden administration’s policies are “overheating” the economy. Inflation is also wiping out gains of workers as consumer prices are rising faster than wages, according to President Barack Obama’s top economists. The consumer price index (CPI) rose 0.9 percent last…
Australian Manufacturing Sees Highest Monthly Uptick Since March 2018 After Virus Restrictions Lifted
Australian manufacturing has seen its highest monthly uptick since March 2018, with the Australian Industry Group’s manufacturing performance index (Australian PMI) increasing by 3.5 points to 58.8 in February following the lift of the CCP virus lockdowns across the board in the country. But the pandemic remains the industry’s top concern. Ai Group Chief Executive Innes Willox…
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