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Vermont Wages Outpace Inflation Pace Amid Economic Uncertainty
ADP, a payroll processing firm, reports an annual increase of 8.1%, with wages growing more than 14% for young workers and over 10% percent for workers in the leisure and hospitality sectors, Vermont’s largest industry. From 2019 to 2022 the Vermont Department of Labor reports an average wage increase of 21.8%. Employers are doing their part to invest in Vermonters.
As businesses invest more in labor, they are also facing inflation, ongoing supply chain issues, interest rate hikes, and layoffs/hiring freezes are all contributing to unpredictable economic conditions. During a time of great uncertainty, we need to value the economy. Central to the Vermont Chamber’s work this session will be economic stewardship and advocating that an increased tax burden on Vermonters right now could overwhelm the Vermont economy.
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