As COVID-19 reshapes our economy, our newsletter will help you unpack the news from the day.
Wage growth stalls in July
Job seekers look over job opening fliers at a job fair in Pasadena, California in 2009.
David McNew/Getty Images
As job creation and economic growth have moderated in 2019, so has wage growth. The annual increase in average hourly earnings hit a post-recession peak of 3.4% in Feburary, and has since fallen back to 3.2%.
In a slowing economy, economists say there may be less pressure on employers to hike wages precipitously to attract and retain talent.
Businesses may be more cautious about hiring because of trade tensions and the global economic slowdown. It’s still a tight labor market, and employers are offering additional benefits to attract new employees, such as flexible hours and weekly schedules.
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