Molly Kinder, Starbucks, Home Depot discussed on 90.3 KAZU Programming
One of the things you look for in a labor market to see where things might be headed is wages and whether they're stuck as they were for years after the financial crisis. Or whether they're going up to that point Starbucks today starting next month, nearly all of its current employees are going to get at least a 10% bump and starting wages are going to go up. 5% attract and retain new employees is the corporate mantra, of course. Home Depot said this week. It's permanently raising pay for most of its workers as well. So marketplaces Samantha Fields looks at what this might portend. So far during the pandemic, A few big companies have permanently raised wages for their employees Best buy and target over the summer. Now Starbucks and Home Depot. But Molly Kinder's at the Brookings Institution, says that is still the exception. Most companies at this point have not raised wages. In fact, she says, most big companies have gone the other way and stopped offering hazard pay to their employees as they did in the spring because of co vid. However, I think the winds are shifting. More and more Americans, she says, now support raising the minimum wage and sorry, J. R. Rahman of the nonprofit One Fair Wage says many retailers and restaurants are having trouble recruiting and retaining workers for jobs that come with high risk and low pay. Workers are in very large numbers, not willing to return for the low wages that they had before. Because of that, she says. She's seen hundreds and hundreds of independent restaurants. Having to just raise their wages pretty dramatically. Most big chain restaurants have not raised wages, but J. R. Rahman says they may have to eventually to compete. Ultimately, though, Sucharita could Ali, a retail analyst at Forrester says. We want to raise the standards of the lowest income households. It's gotta be through a government mandate because, she says, most companies are not going to do it on their own. I'm Samantha Fields for marketplace. One of the things the New York Fed does besides turn its president John Williams, loose for interviews. They do a whole bunch of data gathering and analyzing, as he said minute ago. When in fact, all the regional banks do that, as does headquarters in Washington, But a report from the New York Fed this week caught our eye household. The debt is going up more mortgages in a hot housing market, along with student loans and car payments. That same report, though, found credit card debt is falling. A good thing, right? Let's credit card debt. Well, yes and no as marketplaces, Justin, Home reports. Ever since the pandemic started, many people have been receiving government relief. Kathy Jones, fixed income strategist at Charles Schwab Marketplace Underwriter says People have also had fewer ways to spend that money so that combination really sent the savings trade up..