Sarah Chaney Cambon

speaker

542 appearances 17 recordings 1 series first heard Sep 2017 last heard Feb 2023

Sarah Chaney Cambon’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Who's Getting Raises and Are They Beating Inflation? · 21 Jan 2022 podcast

So there's lots of job opportunities there.

And people in the restaurant industry are quitting at really high rates to get big pay increases.

The other blue collar jobs that have seen really strong growth in job openings over the past year have been sectors like manufacturing, transportation, warehousing, just basically any type of job that helps make and deliver goods to your door.

It's really just been the surge in e-commerce that we've seen during the pandemic.

A lot of people have been staying at home, buying stuff, whether that's furniture or yoga pants or just anything to kind of spruce up their house.

So the South has recovered the largest share of its jobs since the pandemic started, and its unemployment rate is really low, as is the Midwest.

In terms of wage growth, the South in the third quarter of last year saw the strongest wage growth, and that could be because the unemployment rate is really low there and also quits are really high there.

So the region was relatively open during the pandemic, so had looser business restrictions.

And the other is that a lot of people moved from other regions of the country into the South, and we see that in some of the migration numbers.

And as a result, unemployment was really low in the South, and that's been pushing up wages there.

Yes.

Leisure and hospitality really sticks out as an example.

Employers in that industry, which includes restaurants and bars and hotels, have been ramping up wages by roughly 14%, which is well above inflation of 6% to 7%.

Wages have also risen a lot recently in the transportation and warehousing industry.

And that's really been a phenomenon that occurred last year.

So last April, wages and transportation were up only 1.7% from a year earlier.

And then by the summer, they surged to roughly 6%.

So now basically wages in that field are in line with inflation.

Economists generally expect wage growth to remain high.

They expect it to be stronger than it was before the pandemic.

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