Wage Inflation pinches hospitals | Business Weekly

Philadelphia-area hospitals and other healthcare providers are feeling the pinch of rising wage inflation as the cost of recruiting and retaining nurses and other staff skyrockets. The climbing costs are denting the financial results of health systems during the first three months of the year.

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— Ezequiel Minaya(@zekeminaya, business@inquirer.com)

A nationwide shortage of nurses and other staff continued to undermine the financial health of Philadelphia-area health systems during the first three months of the year, a period that included the worst of the devastating omicron wave.

Hiring and keeping staff now represents the biggest challenge for hospital executives, and they are spending heavily — hiring costly short-term help and boosting salaries and bonuses — in a desperate bid to fill out their nursing and staffing needs.

Philly Starbucks stores unionize: Employees at four Philadelphia Starbucks voted this week to unionize — with workers at two stores voting unanimously — joining a wave of newly organized Starbucks across the country.

Widespread flight cancellations: Hundreds of flights worldwide were canceled by Sunday evening, adding to the mounting number of scrubbed flights during the busy Memorial Day holiday weekend in the U.S.

Recession concerns grow: It is prudent to be nervous about a recession — a broad and persistent decline in economic activity — hitting in the next year or two. But recession is not inevitable, nor is it the most likely path.

Earlier this month, the regional price for diesel had risen to $6.50 a gallon, or 33% more than the average gasoline price of $4.89.