Labor Shortage Bumps Up Pay

The National Federation of Independent Businesses says that a record number of small businesses—37 percent—reported raising overall compensation in September to compete in a tight labor market.

Thirty-eight percent of all owners reported job openings they could not fill in the current period, unchanged from August’s record high. Reports of job openings were most frequent in construction (56 percent, down 6 points), manufacturing (54 percent, up 7 points), transportation (51 percent), wholesale trades (44 percent), and retail (43 percent) where customers are showing up in large numbers.

Source: Wall Street Journal