After declining steadily following an early 2022 peak, posted wage growth stopped declining by late spring 2024. Now, with a couple more months of data, it’s clear that annual wage growth hasn’t just stabilized, but has modestly re-accelerated. Annual posted wage growth as measured by the Indeed Wage Tracker hit 3.3% in August (on a three-month average basis), up from 3.1% in May, when the steady decline first turned around. This strengthening wage growth suggests the US labor market is not weakening rapidly, that job seekers still have options, and that competition for workers is still pushing employers to raise wages at a steady clip to attract workers.
Source: Hiring Lab