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Amazon, Under Armour, Chipotle, and McDonald’s raised their starting wages through the spring, and overall wage growth accelerated to its fastest rate since the 1980s in May as businesses scrambled to attract workers.
But don’t count on it being a revolutionary jump in worker power, at least not according to Oxford Economics, whose chief US economist, Gregory Daco, wrote on Wednesday that the recent wave of wage hikes is most likely a one-off.
“While lower-paying jobs are getting unprecedented wage growth, we believe this reflects a one-time releveling of low wages rather than a permanent shift details ⇒
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