Here’s what that could mean for the labor market — and inflation.

As wage growth slows, workers consider job-hopping to boost their pay; but when offered a new job, only 3-in-10 try to negotiate for a better deal.

That’s good news for in the fight against inflation, as long as consumers don’t cut spending so much that the economy tips into recession.

A tight labor market has helped low-income workers raise their wages, according to a new working paper.

Economists say 3.5% wage growth is about right when you take inflation and productivity growth into account — but we’re not there yet.

Wages increased 1% in Q4. Inflation is also slowing. All that could impact whether — and by how much — the Fed hikes interest rates.

“This was the first time I saw the data match to a human experience,” says Nela Richardson, ADP’s chief economist.

Over the past few years, pay for low-wage workers in the city has risen more than 40%, according to one analysis.

Those same workers have seen their wages grow faster than the overall average in the last year thanks to the labor shortage.

That may be a sign that the overheated job market is cooling down.