3-Month Moving Average of Median Wage Growth, Hourly Data (blue line) Annualized Inflation Rate, Consumer Price Index (red line) (Source: Federal Reserve Bank of Atlanta, Bureau of Labor Statistics)
The chart below shows the number of unemployed persons per job opening since September 2008. The number of unemployed workers to job openings has been less than one since June 2021, lower than at any other time this century. In other words, there was more than one job opening for every person unemployed. “Labor shortages” appeared in many industries, leading to a relatively strong increase in wages that began in 2021. However, the number of unemployed persons per job opening has recently increased slightly, another indication that the labor market was slowing down. Number of Unemployed Persons per Job Opening (September 2008- September 2023) (Source: U.S. Bureau of Labor Statistics)
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Center for Business and Economic Insight
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