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Economic Report: Walmart pay raise shows labor market remains strong — and may be adding to inflation worries

The giant retailer Walmart on Tuesday said it will boost starting wages to as much as $16 an hour, pointing to ongoing strength in U.S. labor market that could make it harder for the Federal Reserve to fight high inflation.

The retailer WMT is increasing pay for new workers in an effort to keep up with better-paying rivals such as Target TGT. Even with the U.S. economy slowing, competition for labor in many industries such as retail remains fierce.

The…

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