In Hot Job Market, Salaries Start to Swell for White-Collar Workers

Salaried employees are joining hourly workers in getting hefty raises, thanks to the hot job market and inflationary pressures that are also boosting pay for workers including waiters and warehouse staff.

U.S. professionals toward the end of this year saw their compensation jump at the fastest rate in nearly 20 years, federal data show. Hanging over bigger paychecks is the specter of inflation running near an annual rate of 7%, the highest in 39 years, meaning rising prices will cut into and in some cases decimate the real value of wage gains.