The country’s youngest workers are securing the fastest wage increases of any age group, and are the only one whose gains have outpaced inflation, Gabriel T. Rubin reports. Their pay progress reflects employers’ strong demand for labor as the economy recovers from the pandemic’s effects, particularly for many service jobs, such as at restaurants and retail stores, that tend to employ younger workers. - Median hourly wages for workers ages 16 to 24 were 10.6% higher in January than a year earlier, far exceeding the 4% overall gain for all workers, according to Atlanta Federal Reserve Bank data.
- While young workers typically see faster wage growth because they start from a lower base, the 12-month rate is at its highest in the past 25 years. By comparison, consumer prices rose 7.5% in January from a year earlier, the Labor Department reported.
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