Mercury is entering retrograde today, but at least it’s Friday! This is Swapna Venugopal Ramaswamy bringing you the top money headlines.
Are things returning to somewhat normal in the labor market?
In the aftermath of the pandemic, the Great Resignation led to labor scarcity and new employment at higher salaries and better benefits for job seekers.
But now, U.S. wage growth is easing overall, and pay increases for new hires in certain industries have downright tumbled from levels a year ago as a historically hot labor market cools, according to Gusto, a payroll processor for small businesses.
The pullback is mostly affecting sectors that have struggled because of the Federal Reserve’s sharp interest rate hikes the past year, such as housing, finance and technology.
But it’s also starting to spread to other industries, such as manufacturing, as more Americans who left the labor force during the depths of the pandemic stream back in because their COVID-related savings are dwindling and health risks are waning.
Bed frames and Swedish meatballs
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