40% Predict Rising Wages; Only 1% See Wages Declining
Express Employment Professionals recently released new survey results revealing employers’ predictions for wage growth throughout the next three months.
In a survey of 1,951 businesses, respondents were asked, “Over the next three months, do you expect wages in your market to increase, decrease, or stay the same?”
Forty percent predicted wages would increase, with 59 percent saying they would stay the same. Only 1 percent believe wages will decrease.
This is the highest percentage of respondents predicting an increase in the past year based on quarterly surveys conducted by Express.
“Too many working families have gone too long without seeing rising wages, so this is welcome news and a trend we hope continues,” said Bob Funk, CEO of Express, and a former chairman of the Federal Reserve Bank of Kansas City. “The best way to grow wages for everyone is to have robust economic growth. Clearly, there are still many areas of this country where wages are stagnant, and the most recent gross domestic product (GDP) numbers show we have a way to go on the growth front. But this survey, coupled with the increased optimism and other positive wage trend lines, indicates better days may be ahead.”
The survey of 1,951 businesses, which are current and former clients of Express Employment Professionals, covers hiring trends for the first quarter of 2017.