Economy And Labor News

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"2024 Pay Raise Prospects Dim as U.S. Job Market Levels"

U.S. workers are expected to receive smaller raises in 2024, with companies planning an average salary increase of 4%, down from 4.4% in 2023. This trend is attributed to a cooler job market and is unlikely to reverse soon, according to labor experts. The demand for labor, which surged post-pandemic, has now moderated, leading to less aggressive wage growth compared to the "great resignation" period. Despite the decrease, the projected raises are still higher than the post-2008 financial crisis average of 3%. Companies are balancing the need to be competitive with the risk of overextending budgets, which could lead to layoffs.

2 years ago•Source: CNBC

"US Job Growth Surges in December, Exceeding Expectations and Buoying Markets"

economy-and-labor

1.055 min•2 years ago

"US Job Growth Surges in December, Exceeding Expectations and Buoying Markets"

President Joe Biden highlighted the positive aspects of the December Jobs Report, noting the creation of 2.7 million new jobs in 2023 and an unemployment rate consistently below 4%. He emphasized the reduction in inflation to pre-pandemic levels and the decrease in prices for various goods. Biden reaffirmed his commitment to lowering costs for Americans and opposing Republican policies that he believes would benefit the wealthy and threaten social programs.

via The White House