From the course: Economics for Business Leaders
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Wage inflation impacts on business
From the course: Economics for Business Leaders
Wage inflation impacts on business
- In the United States wage inflation shows up in the monthly US Employment Report. It's different than consumer inflation, but it's very important for business planning purposes because it impacts business costs. Inflation that impacts consumer goods can be driven by low interest rates and other accommodative or stimulative monetary policies set by central banks. But inflation that impacts wages is usually driven more directly by the health of the labor market. When there are a lot of unemployed people, wages tend to go up slowly, if at all, and they might even fall if the unemployment rate is high enough. Conversely, when the job market is hot and the unemployment rate is low, wages can rise quickly. And this is what business leaders are really watching for. You might sometimes hear business leaders say that they can't find workers, but that's ridiculous. Of course, they can find workers. But the truth is…
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