U.S. wage growth has slowed sharply over the past year and is on pace to return to pre-pandemic levels by the second half of 2023, according to new data from career site Indeed.
The wage tracker — based on salaries for job advertisements listed on Indeed — showed that salaries were up 6.5% in November from one year ago. According to the index, that compares to a rate of about 9% in March, suggesting that employers are facing less competition for new hires.
The deceleration is broad-based, with wage growth tumbling in about 82% of job sectors in November from six months earlier.
Based on the current trajectory, wage growth will likely return to its pre-pandemic range of about 3% to 4% by the year’s second half.
Indeed suggested that the data is a leading indicator because it is based upon salaries published in job postings rather than actual wages …