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Working Americans are enjoying the biggest pay boost in four decades. Experts don’t expect it to last long.

Wage growth over the last three months hit an annualized rate of 6.6%, the strongest since the early 1980s. Job openings sit at record highs, and the number of job listings mentioning signing bonuses doubled in the past year. Businesses are clamoring for labor, and workers are reaping the benefit.

Much of the pay bump is linked to the nationwide labor shortage. While firms looked to quickly rehire, factors ranging from childcare costs to virus fears kept Americans out details ⇒

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