“This was the first time I saw the data match to a human experience,” says Nela Richardson, ADP’s chief economist.

Over the past few years, pay for low-wage workers in the city has risen more than 40%, according to one analysis.

Those same workers have seen their wages grow faster than the overall average in the last year thanks to the labor shortage.

That may be a sign that the overheated job market is cooling down.

Some economists in the survey don’t expect their firms to pay workers more in the future.

The central bank will scrutinize the employment cost index for 2021’s fourth quarter for signs that rising pay could fuel rising prices.

Will employers notice? Many are already raising wages for their workers because of the labor crunch.

Workers’ incomes may see further gains as the ongoing labor shortage pushes employers to offer higher pay.

That was down slightly from September, but still high. Some say watch that figure to know what will happen to the economy in 2022.

The not-so-good news? Inflation has eaten up most of the gains.