Largest U.S. counties see wage growth

1. Of the 355 largest counties in the U.S., 97% experienced wage growth in Q3 2022, according to data released by the U.S. Bureau of Labor Statistics on Wednesday. The county with the largest increase over the period was Midland, Texas, with a year-over-year growth rate of 13.9%, more than double the average wage increase over the period. Q: What impact do you believe the wage growth has had on inflation? Share your thoughts on Inside.com.

2. The U.S. Bureau of Labor Statistics reported 23 major work stoppages last year, up from 16 in the prior year, with state and local government workers driving the increase. The stoppages in 2022 involved 120,600 workers, 98% of whom were employees of service-providing industries. Q: To what extent do you believe governments should interfere in work stoppages? Tell us what you think on Inside.com.

3. Close to 15,000 jobs in the British retail sector have been cut since the start of the year, with 78% attributable to Tesco and Asda, which are major players in the grocery business, according to data from the Centre for Retail Research (CRR). The layoffs are part of companies' cost reduction and restructuring programs as they brace for an economic slowdown and adjust as shoppers have not returned to their spending habits prior to the start of the COVID-19 pandemic.

4. While numerous large corporations have been announcing thousands of layoffs in recent months, a survey by Barclays bank revealed that small and medium-sized businesses are upbeat about 2023. A third of the SMEs that participated in the survey expressed intentions to hire new staff. Nearly 30% said they intend to purchase new equipment or technology to support business growth. Q: Why do you think SMEs are optimistic about this year? Let us know on Inside.com.

5. U.K. think tank Autonomy — in conjunction with professors from the U.S., U.K., Ireland, and Belgium — conducted a four-day workweek pilot, which yielded a 92% success rate. Success was measured by improvements in mental and physical well-being and levels of burnout, among other factors.

6. The U.S. Supreme Court ruled that an employee of Helix Energy Solutions Inc. was entitled to overtime pay, despite earning more than $200,000 a year, as he did not meet the Fair Labor Standards Act’s definition of an executive. A section of the act allows companies to be exempt from paying high earners overtime if they are paid on a salary basis; however, the employee was paid on a daily basis, thereby entitling him to overtime pay.

7. Executives at Home Depot took the decision to invest an additional $1B in higher compensation for its workers in an effort to attract new hires and facilitate staff retention. The announcement comes despite the company's expectations for flat growth rates this year.