Workers flexed their muscles in 2022, with strikes surging and a labor shortage pressuring businesses to lift wages. Now, metrics show that wage growth peaked in the middle of last year and has since slowed.
Now, metrics show that wage growth peaked in the middle of last year and has since slowed. A comprehensive measure of employee pay showed that employer spending on pay and benefits grew only 1% in the last three months of 2022. A report from PayScale also notes that fewer companies are planning to give raises this year and that the average annual pay increase is set to fall from over 5% to between 4% and 5%.
In the last year, wage growth"was both higher than is consistent with meeting the Federal Reserve's 2% inflation target and lower than would have been necessary to achieve real wage gains over that period," the left-leaning Center on Budget and Policy Priorities said in a recent blog post. However, the eight interest-rate increases the Fed has implemented have already caused a sharp slowdown in key sectors of the economy — notably finance, technology and housing, all of which are sensitive to interest rates. In tech, the tens of thousands of layoffs by high-profile companies such as Google-owner Alphabet, Amazon and Meta have effectively lowered salaries for junior software engineers and shifted employer demand to workers with more experience, a recent report from Hired found.
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