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Companies are paying millions more dollars in overtime wages as they struggle to make new hires in an economy that’s near full employment.
Sales were up 15% in February compared with the prior year at Weifield Group Contracting Inc., which installs electrical systems. But applications for open jobs are dwindling at the Centennial, Colo., company. The firm asked workers to put in 4,500 hours of overtime in January and February to fill the labor gap, 50% more than the 3,000 hours of overtime in the same period a year earlier….