Bloomberg/Catarina Saraiva and Steve Matthews/2-23-2023
“[Restaunter] Farley is having to pay $17 an hour, up from about $12 before the pandemic hit, to hire dishwashers in a city where unemployment was just 2.3% in December. A line cook now makes more than $20, compared with $14 back in 2019. Early one evening this month, as the DJs were setting up on the second floor, Farley said he can see some relief coming from lower prices for food. But not for labor: ‘You’re never going to unring that bell.’”
USAGOLD note: It is difficult to believe that this problem would be confined strictly to the South………. The bottom line message in this article is that the 1970s-style wage-price spiral might be back. If so, it will ultimately show up in the consumer price index.
