Quoted: Menzie Chinn, an economics professor with the University of Wisconsin-Madison, said in an email that while there is much demand for workers, supply remains constrained.
“Rising wages are not a ‘bad’, since that’s how the market adjusts to market conditions,” said Chinn. “There’s not a ‘shortage’ as the business community keeps on complaining about.”
Steve Deller, an applied economics professor at UW-Madison, said increased wages and benefits are one way companies are trying to be creative in the current labor market.
“Five years ago or so, people would think that a $15-an-hour job is a good paying job,” said Deller. “People are coming to the realization that’s not a good paying job. It’s got to be more than that. And businesses are coming around and saying, ‘If I want quality workers, I’ve got to up my pay.'”