That's the good news.

The bad news is these record increases will stop at some point, thus sending the pendulum swinging the other way.

🏆 It's been a long time coming, and it took a 100-year pandemic to do it, but let's take the win!

To celebrate, I'm taking a much-needed vacation. Be sure to read the PPS below for details.

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Wages jump by the most on records dating back 20 years

Wages and salaries jumped in the three months ending in September by the most on records that date back 20 years as companies are forced to offer higher pay to fill a near-record number of available jobs.

Pay increased 1.5% in the third quarter, the Labor Department said Friday. That’s up sharply from 0.9% in the previous quarter. The value of benefits rose 0.9% in the July-September quarter, more than double the preceding three months.

The figures demonstrate that workers are gaining greater leverage in the job market and are able to command higher pay, more benefits, and other perks like flexible work hours. With more jobs available than there are unemployed people, government data shows, businesses have been forced to work harder to attract staff.

Millions of Americans are responding to rising wages by quitting their jobs for better-paying positions. In August, nearly 3% of American workers quit their jobs, a record high. A higher number of quits also means companies have to raise pay to keep their employees.

In the year ending in September, wages and salaries soared 4.2%, also a record gain.

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Get the rest of the Morning Sixpack here.

Bill

🍺 PS - Buy me a beer to keep the Daily Grind News open for business!

🍹 PPS - Better yet, buy me a cocktail. The Morning Sixpack is going on hiatus for two weeks (beginning November 1 – starting up again on November 15).

I'm going on vacation (L-O-N-G overdue). I'll be in the sun, on the beach, drinking (hopefully) fruity alcoholic beverages.

But the news won't stop, and neither will the reporting here on the site. Check out the “Top News” and the “Blog” (menu at the top) for the latest (and dare I say, “Greatest”) news stories of the day!