On the wage side, hourly cash earnings of part-time employees, which are responsive to labor market conditions, have shown an especially clear improvement of late, supported in part by a recent increase in minimum wages.
With regard to the outlook, as the tightening of labor market conditions and the heightening of inflation expectations will become more evident, these will tend to exert upward pressure on wages. In light of these prospects for employment and wages, the rate of increase in employee income is expected to moderately accelerate.