Rising wages horrify CNBC but delight everyone else.
On Thursday, the business news network tweeted:
America’s labor shortage is approaching epidemic proportions, and it could be employers who end up paying. t.co/b1O21856sl
— CNBC (@CNBC) July 5, 2018
In defense of CNBC, rising wages are a problem from the point of view of employers. But the hyperbolic self-pitying tone of the tweet instantly highlighted the problem of viewing economic news only from the perspective of bosses, as opposed to workers.
The tweet inspired an instant dogpiling as Twitter users competed to deride it:
BREAKING: Demand exceeds supply, buyers required to pay more! t.co/q5B4uo0BZP
— Kurt Andersen (@KBAndersen) July 5, 2018
Up until now, we’ve been told that this is a horrible economy because wages weren’t rising fast enough.
With the official unemployment rate at an 18-year low, blue-collar workers are in high demand.
Median base pay for workers in the United States climbed by 1.6 percent in June to $52,052, according to the latest edition of Glassdoor’s Local Pay Report. That was the strongest growth in the wage statistic so far in 2018.
“With unemployment hovering around historic lows, employers’ need to fill roles climbs,” said Glassdoor Chief Economist Andrew Chamberlain in a press release. “What results is that more workers, especially in high demand industries like healthcare, finance, and e-commerce, are in the driver’s seat to negotiate for better pay in order to fill these roles.”
The Glassdoor data showed that traditional blue-collar jobs — such as truck driver, warehouse associate, and materials handler — posted large wage gains. The increases were tied to the increasing demand for manpower in those areas created by growth in e-commerce, and Chamberlain expects that wages for these positions will continue to climb throughout 2018.