It’s common to hear analysts say that the stock market is not the economy. For decades that meant equities were soaring on the heels of low-interest-rate policies, while many lower-wage workers were being left behind. A growing share of corporate profits went to investors and higher-level executives, and rank-and-file employees got a smaller piece of the pie.

Now, as the Federal Reserve raises interest rates to the highest levels in 40 years, that equation is changing. Companies face labor shortages unseen in the modern economy and are being forced to keep raising wages, particularly for employees who serve in lower-paid, ...

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