Download 1mobile market 202010/30/2023 ![]() ![]() “As CEOs downshift into a slowing economy, they are turning the dials of slowing the increase of head count, not replacing open jobs,” he said. Bunker predicts these wage gains will keep slowing and reach pre-pandemic levels by early next year.Įmployers are now facing less pressure to outbid each other as their workforces stabilize, said Joe Galvin at small-business advisory firm Vistage. Now, keep in mind, advertised wages are often set pretty high to entice people who already have jobs. “But that’s a considerable slowdown when compared to what we were seeing at the beginning of 2022, when posted wages were growing about 9.3% year over year,” Bunker said. ![]() It’s still pretty strong - 5.3% on an annual basis last month, according to the jobsite. Job postings have been falling as the labor market gradually cools down from the red-hot hiring frenzy of the past few years. At the jobsite Indeed, which is a Marketplace underwriter, job postings are down more than 15% since last spring.Īnd “ wage growth is coming down,” said Nick Bunker, Indeed’s director of economic research. It turns out that wages employers are offering for open positions are rising slower too. But a year ago, they were growing by almost 6%. Some workers saw big gains when employers were frantically trying to staff up in the aftermath of the pandemic, and while some policymakers don’t think rising wages have contributed much to inflation, others think they’re a big contributing factor.Īnd they just got some good news on this front: Wage gains seem to be moderating. Average hourly earnings were up 4.3% year over year in May, which is still higher than before the pandemic. Some of that data is about trends in wages. The Federal Reserve’s Open Market Committee has a lot of data to pore through before it meets next week to decide whether to pause its rate hikes for the moment.
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