A record number of U.S. small firms raised compensation last month, and a record number plan to lift wages in the coming months. That’s according to the latest monthly employment report from the National Federation of Independent Business, due out later today. Workers will find out whether the compensation increases will exceed inflation and therefore allow employees to enjoy real wage gains.
Seasonally adjusted, a net 44% of firms participating in the survey reported raising compensation, an increase of two percentage points from the September reading and a new 48-year record high. NFIB Chief Economist William Dunkelberg adds: