Heard on the Street: Jobs are hard to fill and wages are rising, but other factors will persuade the Federal Reserve to hold off on raising interest rates for now
and a pandemic-related shift in perceptions about what work is worthwhile. They all come down to incentives against working. The way for employers to overcome them is to raise the incentives for working, most obviously through wages.
There is some evidence that is beginning to happen. The employment report showed that average hourly earnings rose 0.5% from a month earlier, topping the 0.2% gain economists expected. That is particularly impressive since the biggest job gains were in the leisure and hospitality sector—lower-paying jobs that tend to put downward pressure on the average wage figure.
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