Labor cost growth vs core inflation — 2019 to 2024
Warehouse wages growing 4x faster than core inflation · Source: McKinsey Global Institute, BLS 2024
Manufacturing 2019–2023
+18%
Total compensation rise
Warehouse wages 2024
+7–9%
Year-on-year increase
vs core inflation
4x
Faster than inflation
Warehouse wages YoY %
Manufacturing compensation YoY %
Core inflation YoY %
Source: McKinsey Global Institute, U.S. Bureau of Labor Statistics 2024. Developed market averages.