NEW YORK (CNN) – Now might be the time to ask for a raise, economists say you’re more likely to get one this year.
That’s according to a survey by the national association for business economics. They poll economists that represent a variety of industries.
43% say their firms have given pay bumps in the last 3 months.
That’s up from 19% last year and the news gets better. None of the economists surveyed reported pay cuts and a third expect raises in the near future.
The survey is certainly encouraging, but keep in mind, wages have not been keeping up with inflation.
Real wages were actually lower in May than they were a year ago. That has been a real concern for the Federal Reserve.
Fed chair Janet Yellen said last month she wants to see wages rebound faster than inflation.
She says if Americans don’t start experiencing more meaningful bumps in their take-home pay, that could hurt consumer spending. And consumer spending drives two-thirds of economic activity in the U.S.