A Gap employee works at a store in San Francisco. The company plans to raise its minimum wage in phases to $10 an hour by next year. Justin Sullivan/Getty Images hide caption itoggle caption Justin Sullivan/Getty Images Economy Hiring Looks Good Now, But Wage Growth Lags July 3, 2014 The improving labor market in June did not translate into significant pay hikes. Wages were just 2 percent higher compared with a year ago. Consumer prices have been rising at a 2.1 percent rate.