The competition for workers lifted 2021 wage growth at U.S. businesses to levels not seen in decades.
In a recent news release, the nation’s Bureau of Labor Statistics reported that on average, total compensation of civilian workers grew 4 percent in 2021 versus 2.5 percent in 2020.
When breaking down the data by private industry supersector, compensation cost increases ranged from 3.3 percent for financial activities to 8 percent for leisure and hospitality.
Though local labor markets may differ somewhat from the national trends, the quarterly compensation information provided by BLS may be helpful in planning compensation strategy for the new year.
See the full release at www.bls.gov/news.release/archives/eci_01282022.htm.
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— Compiled by Business Editor Joe Crews
