After a year and a half of rapid pay gains, wage growth registered in Indeed job ads has started to slow down, according to the new U.S. data from Indeed Wage Tracker.
What Happened to the Posted wages in November grew 6.5%, but decelerated significantly from the peak of 9% growth recorded in March 2022.
According to the wage tracker, the wage tracker shows that employers looking for workers are preparing for an economic downturn by offering lower wages and salaries in job postings on Indeed, rather than measuring changes in wages and salaries actually paid to employed workers.
If the trend holds, wage growth would return to the pre-pandemic range of 3% -- 4% by the second half of 2023.
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The pressure on earnings for employees who stay at their existing jobs is caused by a slower rate of posted salary increases, according to HiringLab.
Sector Breakdown: In what industries is wage growth decelerating the most?
According to HiringLab, the slowdown in the advertised salary increase is widespread and most pronounced in lower-paid sectors.
Pay increased more slowly in November than the previous six months, according to the great majority of occupational categories.
Only 18% of the income categories saw an increase in wage growth from May to November 2022. 93% of categories had improvements or improvements between May 2021 and November 2021, according to a comparison from May 2021 to November 2021.
Since May, the growth of childcare in the childcare category has slowed by 4.5%, but is still up 9.5% year-on-year in November.
The gains in construction employment are closer to the national average, while the salary growth has slowed very little.
Marketing job postings are increasing much more slowly than they were earlier this year.