Increased demand for products and services is driving economic activity in America and around the world. It is a direct result of reduced restrictions and increased confidence from COVID-19 vaccinations. Consequently, there is an increase in demand for labor while the labor force is still depressed from pandemic factors. Accordingly, employers are offering higher wages to attract job candidates. Thus far in 2021, wages have increased at the fastest pace in over 20 years in the United States.
Expert Analysis on Wage Growth and the Economic Impact of the COVID-19 Pandemic from ISEG
KSN, the NBC affiliate station serving most of Kansas, needed an economics expert who could explain the situation. As a result, they turned to the experts at the Institute for the Study of Economic Growth (ISEG). On October 22, 2021, reporter Sam Montero interviewed Dr. Ted Bolema, Executive Director of ISEG, on air for a KNS TV News report. Thus, Dr. Bolema help their audience understand the unique complexities contributing to the current wage growth.
KSN’s report also looked at how some have benefited from unexpected opportunities, while others continue to live paycheck to paycheck. In particular, Dr. Bolema explained why we are seeing such uneven results locally and across the nation. He also explained to Montero why it might continue to be unique to each household.
“There were the people who continued to work. Lots of other industries that either had to shut down for a while.”
Watch Wages are up, but is there more money in your pocket?
Watch Dr. Bolema’s entire appearance from October 22 below or at KSN News.