LABOR: Wages Start To Soar

Bad as it has been, the raging U.S. inflation would have been much worse if it had not been for the almost saintly patience that workers have shown in accepting modest wage increases. Now the patience seems to be evaporating. A sudden upsurge in pay raises threatens to give the inflationary spiral another whirl.

In the twelve months through April, average hourly wages of U.S. private nonfarm workers rose a mere 6.3%, trailing far behind a 10% rise in consumer prices. But in May, the first month after the death of wage-price controls,...

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