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SPRINGFIELD, Mass. (WWLP)- Getting a raise is always appreciated, and now new research says more Americans may likely see that pay increase this year.
In a recent survey by the National Association for Business economics, more than 40% of economists say their firms have upped their wages in the last three months. That’s up from last year’s reported 19% of economists who reported wage increases.
Another 35% say their businesses have plans to give raises in the next three months, but some residents in Springfield told 22news small raises are not enough.
“People might get an increase in job salaries but if the cost of living keeps going up, it kind of doesn’t balance out. So, it might go up in one way but if your bills go up, they just, they cancel each other out,” Gilbert Padilla, from Springfield, said.
Federal Reserve Chair Janet Yellen says she wants to see wages rise faster than inflation this year so that people can have real increases in their take-home pay.
Data from the Bureau of Labor Statistics shows that the current wage increases are not keeping up with the rising cost of living. That same data showed that once inflation was factored in, so-called “real”, take-home wages were slightly lower than the same time last year.
The NABE survey revealed that those businesses who haven’t given raises, are keeping wages the same and not making cuts as many have in recent years. The survey included economists who represented a wide range of industries, many of which employ more than 1,000 people.