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🚨 📉 New from the Indeed Hiring Lab:
Growth in wages advertised in @Indeed US job postings was elevated at 6.5% in November, but down substantially from 9% back in March. www.hiringlab.org/2022/12/08/growth-in-us-posted-wages-is-strong-but-slowing/
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Growth in wages advertised in @Indeed US job postings was elevated at 6.5% in November, but down substantially from 9% back in March. www.hiringlab.org/2022/12/08/growth-in-us-posted-wages-is-strong-but-slowing/
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Our Wage Tracker, developed by @PawelAdrjan & @rlydon2, can help illuminate the outlook for wage growth because tells us what employers are expecting to pay new hires. Wages for new hires tend to be more sensitive to changes in the economic cycle than wages for all workers.
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The new US data shows posted wage growth that’s still well above its pre-pandemic pace but declining since this past March. The market for new hires is cooling even if the temperature is still high.
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Posted wage growth appears to lead another measure of wage growth for new hires, the Atlanta Fed’s Wage Growth Tracker series for job switchers. Over the course of the pandemic, the WGT series trails our data by about three months.
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The slowdown in posted wage growth is broad-based with only 18% of job categories in November seeing wage growth steady or higher than six months prior.
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The level of wage growth varies by occupational category with Childcare job postings still seeing above 9% with growth in Retail jobs closer to the overall average.
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Wage growth remains strongest in low-wage categories, but that’s also the group for which the posted wage deceleration has been most pronounced.
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We will update this data monthly. You can find data for the eight covered (US, UK, & 6 Eurozone markets) countries on Github github.com/hiring-lab/indeed-wage-tracker
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For a broader tour of the trends across countries, check out @PawelAdrjan & @rlydon2's new Hiring Lab published earlier today www.hiringlab.org/uk/blog/2022/12/08/wage-growth-in-europe-is-high-but-starting-to-slow/
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More information in the post: www.hiringlab.org/2022/12/08/growth-in-us-posted-wages-is-strong-but-slowing/
For more detail on the methodology, do check out Pawel & Rea’s research paper: www.centralbank.ie/docs/default-source/publications/economic-letters/wage-growth-europe-evidence-job-...
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For more detail on the methodology, do check out Pawel & Rea’s research paper: www.centralbank.ie/docs/default-source/publications/economic-letters/wage-growth-europe-evidence-job-...
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