The Best (and Worst) Metro Areas for Jobs in 2023
Employment expanded in the vast majority of metropolitan areas in the U.S. in 2023, with only 8% shedding jobs. That’s according to data released this week by the U.S. Bureau of Labor Statistics.
Why 2024 Will Unlock the Second “Roaring Twenties”
The 2020s got off to a rocky start. In 2020, the U.S. suffered job losses of unprecedented magnitude as a result of the Covid-19 pandemic. In 2021, thanks to the end of the stay-at-home mandates, and a population flush with stimulus money, the economy recovered so rapidly that it overheated, creating an acute shortage of labor and rapid inflation. In 2022, the Fed responded to 40-year high inflation with a steady diet of interest rate increases, the fastest interest-rate increase cycle on record. In 2023, both the labor market and inflation have cooled, setting us up for what many economists believed was a low-probability scenario, “the soft landing.”
Americans Continue to Enjoy Real Wage Gains as Inflation Slows
The consumer price index came in better than expected this morning, showing continued progress in the fight against inflation.
The Pandemic-Related Public-Private Sector Pay Gap is Finally Narrowing
According to today’s Employment Cost Index report, wage disinflation slowed, and so did real wage growth. Private sector wages and salaries rose 4.5% over the year, down only 0.1 percentage points from last quarter, and over-the-year real wage growth fell from 1.7% to 0.8% in Q3. Wage growth for public sector workers surged, however, after lagging behind since early in the pandemic.
Gradual Disinflation Continues, Despite a Recent Surge in Gas Prices
Topline year-over-year inflation held steady in September at 3.7%, with month-over-month inflation slowing to 0.4% from 0.6% in August, despite the recent surge in gas prices. Core inflation (which excludes energy and food) fell to 4.1% from 4.3% over the year, holding steady at 0.3% over the month.
Candidate Ghosting and Job Seeker Confidence
Candidate ghosting—that is, the practice of candidates cutting off communications with a potential employer at any stage in the recruiting process—peaked in May, according to self-reported behavior in the ZipRecruiter monthly Job Seeker Confidence survey.
This is What Job Seeker Bargaining Power Looks Like
Instead of asking workers to leave, employers are increasingly begging them to stay.