Job Switchers Are Saying ‘Show Us the Money.’ They’re Getting It.

One element of inflation that is particularly worrisome to economists is wage inflation.

When wages rise, businesses feel freer to raise their own prices. Then workers demand still higher wages to afford the higher prices. And then businesses are tempted to raise their prices further. So consumers end up with an inflationary spiral.

Average hourly earnings soared 5.6% in the 12 months through March. Workers switching jobs are particularly benefiting.

Nearly two-thirds (about 64%) of people who recently switched jobs said their new positions pay more than their old ones, according to a survey from ZipRecruiter given exclusively to The Wall Street Journal,