Annual wage growth remains higher than its pre-pandemic trend but plateaued in the first quarter, suggesting that labor demand is cooling.
Wages and salaries in the private sector grew by 5% in the first quarter of 2022 relative to a year earlier, the U.S. Department of Labor said Friday.Demand for labor may be waning from last year's scorching pace.
The surge in worker pay that was a key feature of the 2021 labor market showed signs of fading early this year, as businesses' demand for workers has moderated a bit from last year's record levels. Wages and salaries in the private sector grew by 5% in the first quarter of 2022 relative to a year earlier, the same pace as the fourth quarter of 2021, the U.S. Department of LaborThat growth is still quite strong relative to pre-pandemic levels of around 3%, according to Nick Bunker, economic research director for North America at the Indeed Hiring Lab. But the data indicates growth may have plateaued.
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