Washington. US employers are finding it increasingly difficult to find skilled workers, according to a survey published on Monday, suggesting upward pressure on wage growth down the road.

The National Association for Business Economics’ latest business conditions survey found that 35 percent of the 112 economists who participated reported their firms had seen shortages of skilled labor during the quarter ending in July.

That compared with only 25 percent in the April survey and marked a sharp pick-up from 22 percent during the July quarter last year.

“The panel reports markedly increased shortages in the July survey, especially of skilled labor,” said survey Chairman Jim Diffley, who is also a senior director at IHS Economics.

The NABE survey is the latest to suggest a tightening labor market. Early in July, the National Federation of Independent Business said that 44 percent of small businesses looking to hire that month reported few or no qualified applicants for positions they were trying to fill.

Although job growth has accelerated and the unemployment rate has dropped to seven-year lows, that has not been accompanied by strong wage growth.

The NABE survey found the share of companies anticipating wage increases in the next three months grew to 49 percent from 46 percent in the April poll and 35 percent a year ago.

“As an economist watching the economy, we’re somewhat surprised that wages pressures have been so muted to this point,” Diffley told Reuters. “We do expect an acceleration and in fact think it necessary to continue the recovery.”

The share of those reporting actual wage increases during the past three months remained at 42 percent, little changed from 43 percent a year ago but slightly down from 45 percent in April.

The economists surveyed represented a broad spectrum of businesses, including goods-producing, transportation, finance and services industries. Forty-seven percent of the firms employ more than 1,000 people.

Reuters

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For the first time in more than a century, US paper currency will feature the face of a woman.

Treasury Secretary Jack Lew said on Thursday that a newly redesigned $10 bill, set to be unveiled in 2020, would feature “a woman who has contributed to and represents the values of American democracy.” He did not mention any names.

The release year coincides with the 100th anniversary of women gaining the right to vote.

“Our paper bills and the images of great American leaders and landmarks that they depict have long been a way for us to honor our past and discuss our values,” Lew told reporters on a conference call.

“This decision of putting a woman on the $10 bill reflects our aspirations for the future as much as the reflections of the past.”

The Treasury Department will collect public input in town hall meetings and via the hashtag #TheNew10 on social media on who and what should be depicted on the bill. Lew will make the final decisions on design.

The announcement follows a popular Internet and social media campaign, “Women on 20s,” to put Harriet Tubman on the $20 bill in place of Andrew Jackson. Eleanor Roosevelt and Rosa Parks were two other finalists in the online voting campaign that ended last month.

But Lew said plans for the new bill began long before the campaign, with a decision made in 2013 to replace the $10 note. Security measures, along with a tactile feature to improve accessibility for the visually impaired, will be the main drivers behind the new design, he said.

“We’re not just a US currency; we’re the world’s reserve currency,” he said. “And I’m excited that using the technology that’s available to us, we can hear from the public.”

He said that Alexander Hamilton, featured on the current $10 bill, would remain on the note in some way.

The last women featured on US bills were Martha Washington, who appeared on the $1 silver certificate from 1891 to 1896, and Pocahontas, who appeared in a group photo on the $20 bill from 1865 to 1869.

The Susan B. Anthony dollar coin, which honored the 19th century feminist, was minted from 1979 to 1981, and in 1999, but the series was halted due to poor public reception.

Reuters

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