It means interest rate hikes are having the intended effect. Tapering consumer demand and high labor costs are weighing on earnings.
But recent union victories may keep upward pressure on wages.
And that would mean your paycheck's purchasing power would be getting a boost relative to inflation.
Experts are predicting a slight decrease in wage growth, a drop that get us closer to pre-pandemic rates.
That could be a sign that the Fed's interest rate hikes are working and the economy is cooling.
Reports from companies and job search sites indicate that employers are lowering the pay they offer for newly posted jobs.
Wages are rising faster than prices. So on average, people’s purchasing power is increasing.
Wages are falling fastest at the bottom of the income distribution.
The Job Openings and Labor Turnover report for April showed that the quits rate has dropped back to average levels in 2019.
Here's what that could mean for the labor market — and inflation.