America's pay gains just logged a fresh record: wages and salaries surged at the fastest pace ever last quarter.
Why it matters: The data out Friday morning is considered a better gauge of wage gains than others because it's not impacted by the drastic workforce shifts we've seen during the pandemic.
The backdrop: Employers are still doling out pay hikes in an attempt to break a labor shortage stalemate.
- Costco this week made a last-ditch effort to lure (and keep) workers as the all-important holiday season looms: effective Monday, employees will make a minimum of $17 an hour.
- It's the second pay raise in eight months (Costco upped it to $16 in February).
What to watch: The retail sector's trade group said Wednesday the sector will hire up to 665,000 seasonal workers this season — one sign of the ferocious appetite by employers to keep up with the demand they expect for their goods.
- That would be 179,000 more holiday hires than last year, if they can find the people.
One big asterisk: "With prices up 4.4% over the last 12 months, wage increases are barely keeping pace with inflation," economists at Brean Capital wrote Friday.