Dive Brief:

• In Q3, barely a quarter (24%) of businesses surveyed by the National Association for Business Economics said they raised their employees’ wages or salaries. That is a steep drop from 50% since the group’s last survey in July.

• Hiring was a bit healthier than wage increases, with nearly a third (32%) of businesses saying they hired more people in Q3. Just 7% are seeing employment decrease, according to the report.

• 67% of businesses surveyed said they’ve had no trouble filling positions, not surprising considering the current job climate.

Dive Insight:

This survey comes from an organization whose membership includes some of the nation’s top economists working in the private sector. The results are yet another insight into why retailers are seeing consumers reluctant to buy, at least without significant bargain hunting. This past year has seen several signs of healthier growth in the economy, including job growth.

But wages, as reiterated in this report, are not so much part of that picture. Employment is lagging enough to allow many businesses to play hardball with employees, including leaving wages lower. Add rising expenses, some increasing credit card debt, and stir, and you have the recipe for a good old-fashioned retail funk.