The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

Excluding bonuses, British wages grew by 7.8% in the three months to July when compared to the previous year, figures from the Office for National Statistics on Tuesday showed. This matches the record pace reached in June and falls in line with analysts’ expectations. When including bonuses, wages grew 8.5%, exceeding the 8.4% growth the previous month.

Wage growth continued despite an uptick in unemployment, from 4.2% in June to 4.3% in July. Ashley Webb, UK economist at consultancy Capital Economics explained that while the labor market eased in July, wage growth “will only add to the Bank of England’s unease and supports our view that the Bank will raise interest rates once more, from 5.25% currently to a peak of 5.50%, next week.”

The post Sterling Remains Steady Following Strong UK Wage Data appeared first on theprimarymarket.com.

In addition to outpacing the 7.5% growth during the previous quarter, the Office for National Statistics announced that this is the highest level that wages have increased since 2001. Wage growth outpaced experts’ estimates of a 7.4% rise.

Governor Andrew Bailey as well as other BoE policymakers maintain that this rising wage growth could push the central bank to implement a rate hike in September as prices continue to be pushed higher. “It very much leaves the BOE facing the conclusion that it may yet be forced to engineer a recession in order to finally get the inflation genie back in the bottle,” Stuart Cole, the chief macro economist at Equiti Capital in London observed.

The post Record UK Wage Growth Raises Bets on Bank of England Rate Hike appeared first on theprimarymarket.com.

This development has boosted fears that the Bank of England (BoE) will implement a more aggressive monetary policy going forward in an effort to suppress stubbornly high inflation.

While pay rises may help workers to cope with a rising cost of living, wage growth still trails inflation, which is currently at a level of 8.7%.

According to the ONS, the UK is facing an increasing unemployment problem, with the UK jobless rate rising to 4% for the three months ending May from 3.8% in the previous quarter.

“Total employment grew in the latest three months while the number of people actively looking for work also increased, both driven by men rejoining the labor market,” ONS director of economic statistics Darren Morgan commented. Chancellor Jeremy Hunt added, however, that there are still about one million job vacancies in the UK at present.

The post BoE Rate Hike More Likely Following Record UK Pay Growth appeared first on theprimarymarket.com.

“This investment will help us attract and retain the best talent into our pipeline,” Home Depot’s Chairman, President and CEO Ted Decker stated in an email to employees following the decision. Decker added that 90% of Home Depot’s current store leadership were hourly workers at one point.

Many view Home Depot’s pay rise as a strategy to halt the campaign to unionize its stores. Last September, workers at a Home Depot branch in Philadelphia filed to hold a union election, claiming that workers were not reaping the rewards of the company’s rising sales, adding that stores were understaffed. The workers ultimately voted to reject the union.

Home Depot’s workforce consists of 437,000 people in the United States and 34,000 in Canada. Currently, there are 2,000 U.S. locations and 182 stores in Canada. According to the company, the majority of its employees are hourly employees.

The post Home Depot to Raise Pay for Canadian, U.S. Workers appeared first on theprimarymarket.com.

Back in quarter one, employment costs had risen 1.4%, giving workers optimism about their financial situation. However, given the news over a potential impending recession, hopes weren’t necessarily high that the rate would continue.

These worries were squashed we the Labor Department announced on Friday that the quarter two numbers showed yet another bump in employment cost: 1.3% this time around. This is slightly higher than was projected by the Wall Street Journal, which had projected the number to be 1.1%.

1.3% still isn’t necessarily a crazy bump, but it’s a very encouraging number when taken into context of where the U.S. economy has been lately.

An even more encouraging thought is the 1.6% wage bump that took place in the second quarter, which is higher than the 1.3% bump that took place in the first quarter. When you take in to comparison the year-over-year statistics, wages have actually gone up an impressive 5.7% rate.

This might not seem like a crazy amount in a vacuum. But if you ask many finance experts, they would say that we’re heading towards a recession, so virtually any wage bump is truly a reason to celebrate if you’re an employee.

The post U.S. Employment Costs Continue to Rise in Q2 appeared first on theprimarymarket.com.

The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

Excluding bonuses, British wages grew by 7.8% in the three months to July when compared to the previous year, figures from the Office for National Statistics on Tuesday showed. This matches the record pace reached in June and falls in line with analysts’ expectations. When including bonuses, wages grew 8.5%, exceeding the 8.4% growth the previous month.

Wage growth continued despite an uptick in unemployment, from 4.2% in June to 4.3% in July. Ashley Webb, UK economist at consultancy Capital Economics explained that while the labor market eased in July, wage growth “will only add to the Bank of England’s unease and supports our view that the Bank will raise interest rates once more, from 5.25% currently to a peak of 5.50%, next week.”

The post Sterling Remains Steady Following Strong UK Wage Data appeared first on theprimarymarket.com.

In addition to outpacing the 7.5% growth during the previous quarter, the Office for National Statistics announced that this is the highest level that wages have increased since 2001. Wage growth outpaced experts’ estimates of a 7.4% rise.

Governor Andrew Bailey as well as other BoE policymakers maintain that this rising wage growth could push the central bank to implement a rate hike in September as prices continue to be pushed higher. “It very much leaves the BOE facing the conclusion that it may yet be forced to engineer a recession in order to finally get the inflation genie back in the bottle,” Stuart Cole, the chief macro economist at Equiti Capital in London observed.

The post Record UK Wage Growth Raises Bets on Bank of England Rate Hike appeared first on theprimarymarket.com.

This development has boosted fears that the Bank of England (BoE) will implement a more aggressive monetary policy going forward in an effort to suppress stubbornly high inflation.

While pay rises may help workers to cope with a rising cost of living, wage growth still trails inflation, which is currently at a level of 8.7%.

According to the ONS, the UK is facing an increasing unemployment problem, with the UK jobless rate rising to 4% for the three months ending May from 3.8% in the previous quarter.

“Total employment grew in the latest three months while the number of people actively looking for work also increased, both driven by men rejoining the labor market,” ONS director of economic statistics Darren Morgan commented. Chancellor Jeremy Hunt added, however, that there are still about one million job vacancies in the UK at present.

The post BoE Rate Hike More Likely Following Record UK Pay Growth appeared first on theprimarymarket.com.

“This investment will help us attract and retain the best talent into our pipeline,” Home Depot’s Chairman, President and CEO Ted Decker stated in an email to employees following the decision. Decker added that 90% of Home Depot’s current store leadership were hourly workers at one point.

Many view Home Depot’s pay rise as a strategy to halt the campaign to unionize its stores. Last September, workers at a Home Depot branch in Philadelphia filed to hold a union election, claiming that workers were not reaping the rewards of the company’s rising sales, adding that stores were understaffed. The workers ultimately voted to reject the union.

Home Depot’s workforce consists of 437,000 people in the United States and 34,000 in Canada. Currently, there are 2,000 U.S. locations and 182 stores in Canada. According to the company, the majority of its employees are hourly employees.

The post Home Depot to Raise Pay for Canadian, U.S. Workers appeared first on theprimarymarket.com.

Back in quarter one, employment costs had risen 1.4%, giving workers optimism about their financial situation. However, given the news over a potential impending recession, hopes weren’t necessarily high that the rate would continue.

These worries were squashed we the Labor Department announced on Friday that the quarter two numbers showed yet another bump in employment cost: 1.3% this time around. This is slightly higher than was projected by the Wall Street Journal, which had projected the number to be 1.1%.

1.3% still isn’t necessarily a crazy bump, but it’s a very encouraging number when taken into context of where the U.S. economy has been lately.

An even more encouraging thought is the 1.6% wage bump that took place in the second quarter, which is higher than the 1.3% bump that took place in the first quarter. When you take in to comparison the year-over-year statistics, wages have actually gone up an impressive 5.7% rate.

This might not seem like a crazy amount in a vacuum. But if you ask many finance experts, they would say that we’re heading towards a recession, so virtually any wage bump is truly a reason to celebrate if you’re an employee.

The post U.S. Employment Costs Continue to Rise in Q2 appeared first on theprimarymarket.com.