Monopsonists an endangered species?
Wages are
rising across America;
Wal-Mart Stores Inc.
plans to boost pay for its U.S. employees to at least $10 an hour
by next year, well above the minimum wage, signaling a tightening labor
market and rising competition for lower-paid workers.
And not just Wal-Mart;
Companies say they are having to fight harder to attract and keep good employees.
Starbucks
Corp.
raised its starting pay last month, and
Aetna
Inc.
said it would begin paying its lowest-rung workers $16 an hour in April.
Gap
Inc.
last year said it would raise starting pay to $10 an hour. Others
such as Costco Wholesale, Hobby Lobby and IKEA Group tout that all
their workers earn more than the minimum wage.
Mike Bufano,
senior vice president for planning at
Panera Bread
Co.
, told investors this month that the bakery-cafe chain is paying higher wages across the board, citing a war for talent.
Well, we guess that
George Stigler's high school must be worried;
