Companies Struggling to Fill Jobs 'Should Try Paying More,' Fed's Kashkari Says

Minneapolis Federal Reserve President Neel Kashkari suggests companies should raise their wages to attract more workers, reports CNBC . "The unemployment rate is going down, and there is a question about where the workforce is going to come from," he said. Kashkari cited immigration as only a partial solution. "I oftentimes hear businesses saying, 'I just can't find the workers that I need,'" the central bank official said during a conference on immigration in his home district. "Now, I'm not entirely sympathetic with that view, because I've been saying you should try paying more, and you may be able to attract more workers. But nonetheless, the unemployment rate is going down, and there is a question about where the workforce is going to come from." Meanwhile, payroll growth has been inching up recently, with average hourly earnings rising 3.1 percent in October from the same period a year ago.