US wages are rising at a record pace in the last quarter

Wages in the three months to September in the US rose by the largest margin in 20 years, with many companies having to pay more to fill a near-record number of job openings.

The Labor Department said Friday that wages increased 1.5% in the third quarter. That’s a sharp rise from 0.9% in the previous quarter. The value of benefits rose 0.9% in the July-September quarter, more than double the previous value.

The numbers show that workers are gaining traction in the labor market for better salaries, more benefits and other benefits, such as flexible working hours. With more jobs available than the unemployed, according to government data, companies have had to work even harder to attract employees.

Millions of Americans have responded by leaving their jobs in search of higher paying jobs. In August, nearly 3% of American workers quit their jobs, a record number. The rise in the number of resignations also means that companies must raise wages to retain employees.

In the fiscal year ending in September, wages rose 4.2%, also a record increase.

This increase is driven in part by the growing desire of workers to seek higher paying jobs. Workers who change jobs are posting some of the highest wage gains in decades. According to the Federal Reserve Bank of Atlanta, those who changed jobs had a 5.4% wage increase in September compared to the previous year. This is an increase from the 3.4% recorded in May and the largest increase in nearly 20 years. For those who stayed in their jobs, salary rose 3.5%.

However, inflation offset those gains in purchasing power. In the third quarter, prices rose at an annual rate of 5.3%, outpacing the pace of wage increases. Excluding volatile categories such as food and fuel, prices rose by 4.5%.