August 2, 2021—Average pay for employees nationwide rose by 1 percent in the private sector during the second quarter.
A U.S. Labor Department report shows the increase slowed slightly compared to 2021 Q1, which grew by 1.1 percent, but still said it was the second-highest reading in 10 years, according to the Associated Press.
"Businesses are being forced to offer higher compensation to attract workers, as customer demand has soared in the spring as the pandemic faded," the AP report said. "Companies ... are offering sign-on bonuses, wages as high as $15 an hour, and benefits such as retirement plans and pet insurance."
Twenty-eight states still have an extra $300 a week unemployment benefit that the report says "is likely allowing some of those out of work to hold out for higher-paying jobs." Those benefits expire nationwide on Sept. 6.
