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Fast-Food Job Market Heats Up, Giving Industry Workers A Boost

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McDonald's workers, fast-food workers

Higher wages, paid vacation and free meals — those are some of the perks being offered to fast-food workers as the labor market continues to tighten.

Restaurants are engaged in a bitter fight over talent that, while helping low-wage workers who’ve largely been left behind by the economic recovery, could hurt companies and customers, Bloomberg reports. To make up for falling margins, many restaurants may raise prices or the level of service may fall.

With the unemployment rate at 4.7% in December, and the annual turnover for restaurant workers surging to 113%, experts say the U.S. economy is gearing up for a labor shortage. [Bloomberg]