A first reaction to Thursday's news may be simply: What took so long?

This has been a challenging five-year period in which, despite steady economic growth, average hourly wages for nonmanagerial workers have risen around 2 percent a year, barely more than inflation. There is no doubt that working on the floor of a Walmart store is still going to be a hard job at a pay level that makes it hard to get by. But these are enormous percentage gains, and the decision by Walmart comes on the heels of a similar announcement by the health insurer Aetna and survey data that also point to a tighter labor market and higher raises in the future.

Back in its 2007 fiscal year, before the recession, Walmart reported $183,500 in revenue per employee and $5,938 in profit. Not bad, but by 2014 those numbers had risen 18 percent and 22 percent. The company’s sales and profits rose nicely in that time while the company kept a lid on its payroll. Gains went to Walmart shareholders, not Walmart workers.