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When prices spiked in 2021-22, wages failed to keep up for many workers, new research shows. Now the pattern is repeating.
| Keywords | inflationwagesworker-payeconomycost-of-livingpurchasing-powerlabor-marketconsumer-priceseconomic-trendincome-gapfinancial-newswage-growthfiscal-policymiddle-classliving-standards |
Private employment data suggests that the labor market might be tighter than the headline hiring numbers alone suggest, with worker pay accelerating alongside lackluster jobs growth. Why it matters: Employers are pulling back on hiring as they navigate an uncertain economic outlook, but supply constraints continue to limit the pool of available workers in some industries. - That's helping speed up pay growth — a boon for workers in industries like construction and health care, where employers are still competing for scarce labor. - But the labor market is becoming increasingly uneven: While employers in some sectors are paying up to attract workers, others are more cautious about hiring as they contend with geopolitical uncertainty,…