Data Shows , US Wages Falling , at a 'Striking' Pace.
Fox News reports that wage growth in the United States has slowed significantly over the past year.
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According to new data from Indeed, wage growth is beginning to near pre-pandemic levels.
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Indeed's wage tracker showed that salaries have had a marked drop since January 2022, suggesting that employers are seeing less competition for new hires.
The pace of deceleration is striking.
Posted wage growth has fallen by almost 3 percentage points over the past year, Nick Bunker, Indeed labor economist, via Fox News.
Fox News reports that the most pronounced deceleration was found in low-wage sectors.
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Given the huge run-up in posted wages for those sectors, wage growth is still above its pre-pandemic pace.
How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News.
After remaining historically tight throughout the last year, the labor market is expected to continue slowing in the coming months amid elevated interest rates.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs.
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In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs.
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In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs.
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Despite this, job growth has remained resilient, with employers adding 275,000 jobs in February.
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At the same time, Labor Department data shows that the unemployment rate for the month also rose to 3.9%.
