New Survey Finds Wage Growth Is Slowing Across Job Industries

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Leslie Taylor-Grover
September 7, 2023

Employees saw higher wages following the pandemic, peaking at an increased wage growth rate of 9.2% in January 2022. However, a recent survey by ZipRecruiter found that wages are now being reduced across industries as inflation soars.

The survey analyzed data for over 20,000 online job ads and discovered the average posted pay for more job titles has decreased so far this year, according to Fortune. The survey's findings also revealed that 48% of the businesses questioned by ZipRecruiter in July admitted to reducing compensation for some roles this year.

The decline in wages affects several industries, with jobs in technology, travel, transportation among those impacted most. According to survey results, advertised pay for truck driver positions are down 47.1% year over year.

Other employment websites similar to Zip Recruiter have noticed a similar downturn in wages. For example, a hiring lab at Indeed reported earlier this summer that the wage growth rate could return to pre-pandemic levels of 3.1% by 2024.

As of now, however, the current wage growth rate has not yet reached that level. And, according to Gusto, select industries – like construction, tourism, and warehousing – are still paying higher than average wages.

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