Got a raise? Thank the tightening labor market

Tracey Samuelson Jul 12, 2016
HTML EMBED:
COPY
JP Morgan Chase announced raises for its employees today.  Andrew Burton/Getty Images

Got a raise? Thank the tightening labor market

Tracey Samuelson Jul 12, 2016
JP Morgan Chase announced raises for its employees today.  Andrew Burton/Getty Images
HTML EMBED:
COPY

What if your boss called you up one day out of the blue and said, “How about a raise?” 18,000 employees at JPMorgan Chase opened the paper this morning and got just about the equivalent. In an Op-Ed in the New York Times, CEO Jamie Dimon said the bank will raise its minimum pay to between $12 and $16.50 an hour over the next three years. It’s just above $10 now. Over at Starbucks, baristas and store managers got a similar memo from their CEO Howard Schultz yesterday. Coincidence?

Click the player above to hear more about economic conditions and rising wages.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.

Raise a glass to Marketplace!

Just $7/month gets you a limited edition KaiPA pint glass. Plus bragging rights that you support independent journalism.
Donate today to get yours!