Wage growth in U.S. job postings has been softening for more than a year now, and at the current rate it could return to pre-pandemic levels by early 2024, according to Indeed Hiring Lab.
Advertised wages rose 5.3% in May from a year earlier, a marked decline from the peak of 9.3% in January 2022, according to Indeed's
At its current rate of deceleration, wage growth would return to its 2019 average of 3.1% late this year or early in 2024, according to Indeed.
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Among the sectors that are seeing a sharp pullback is the
Other data have been showing a pullback in earnings growth. The Atlanta Fed's wage growth tracker dropped to 6.1% in April after peaking at 6.7% in June last year.
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Indeed's measure uses a similar approach to the Atlanta Fed gauge, although it tracks types of positions rather than individuals. Indeed says its tracker has been leading other measures by several months in the past.