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And the weak economy means that there's less competition for labor and resources.
During the early days of professional baseball, the dominant major leagues imposed a "reserve clause" designed to limit player wages by restricting competition for labor.
Let us count the ways: It makes it difficult or sometimes even impossible for people to change jobs, not only damping economic efficiency but reducing the competition for labor and, therefore, reducing wages.
As the competition for labor intensifies, the quality of service at businesses tends to deteriorate, said Forrest Morgeson, director of research for the American Customer Satisfaction Index, which crunches more than 200,000 consumer survey responses each year.
Mr. Huan said that competition for labor from other businesses had forced his company, Tennon Frame in Luoyang, a city in inland Henan Province, to raise wages this year to $150 a month before overtime and benefits, compared with $95 a month early last year.
It is a simple matter of competition for labor, Sidney said — a competition that is not abating any time soon.
Similar(45)
Some believe that's lowering competition, including for labor, and limiting wage gains.
Consumer prices are starting to rise noticeably, and competition for scarce labor is finally starting to push up wages.
Now, with the booming economy, contractors are submitting much higher bid prices given the intense competition for their labor.
Competition for qualified labor has led many companies to offer unusual time-saving and quality of life benefits.
Entire urban industries, including taxis and restaurants, are being transformed through a rush of new entrants, who are increasing competition for customers, labor and materials.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com