Workers Are Losing Their Leverage, and Your Boss Knows It ...Middle East

Say goodbye to the tight labor market. The Labor Department released the latest employment numbers on Friday, showing that 517,000 jobs were added in January and unemployment fell to 3.4 percent, a freakish 54-year low. But don’t be fooled—follow the money. Annualized monthly wage growth, mostly falling since January 2022, fell again to 3.7 percent. For now, the labor market is still tight, but it is steadily slackening, and employers have noticed.Indeed, when I say “wage growth” I mean nominal rather than real (after inflation) wage growth. When you factor in inflation, wages have been falling for some time. In 2022, real private wages declined 1.2 percent, even though inflation was coming

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Last updated : 03 February 2023 clock 07:56 PM

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Workers Are Losing Their Leverage, and Your Boss Knows It ...Middle East

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