• From the Wall Street Journal this morning:
"Companies are planning for steeper wage increases next year than at any point since the 2007-2009 recession, according to a new report, amid a tight labor market and the highest inflation in three decades.
"A survey by the Conference Board set for release Wednesday finds that companies are setting aside an average 3.9% of total payroll for wage increases next year, the most since 2008.
"The survey also shows that companies are planning on raising salary ranges, which would result in higher minimum, median and maximum salaries. That suggests pay raises could be broad-based and affect workers across a company’s pay scale.
The results are a sign the recent acceleration in private-sector wages is likely to carry over into 2022.
"Such a sustained rise in wages could push consumer prices higher, as companies raise prices to compensate for pay increases. The dynamic of higher wages and prices could further stoke inflation and increase the chance of a spiral of rising wages and prices feeding on each other that could be difficult to stop."
• The New York Times reports this morning that "about 1,400 striking workers at four Kellogg cereal plants in the United States have rejected a tentative agreement on a five-year contract negotiated by their union, the company said on Tuesday.
"The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which represents the workers, did not reveal the vote totals but said in a statement that its members had 'overwhelmingly voted' against the agreement."
Kellogg said in a statement that no further bargaining sessions were scheduled, and that it would “hire permanent replacement employees in positions vacated by striking workers.”
• The Pittsburgh Business Times reports that Massachusetts-based BJ's Wholesale Club will open its first store in Pittsburgh, Pennsylvania, this week, with a second location scheduled for early 2022.
• Bloomberg reports that "Daily Harvest, a company that specializes in frozen-food products, including ready-to-blend smoothies, is valued at $1.1 billion after its latest round of funding, said founder and Chief Executive Officer Rachel Drori.
"The New York-based startup reached so-called unicorn status by raising $77 million in an equity-funding round led by Lone Pine Capital LLC that included participation from Lightspeed Venture Partners, an existing investor."
The story notes that Daily Harvest "ships frozen products including soups, latte pods, almond milk, plant-based ice cream and flatbreads directly to consumers."