Job Market Cools, Giving Employers Upper Hand Over Job Seekers
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Job seekers have less leverage now compared to 2021, with fewer negotiating higher salaries or getting signing bonuses.
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Job openings and quit rates are declining from peaks earlier this year, shifting power to employers.
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Wage growth should slow to around 3.5% by early 2023 as labor supply increases, helping reduce inflation.
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Employers are being more selective in hiring and holding firm on salary offers rather than bidding up wages.
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College grads and other job seekers are having a harder time landing offers, accepting the first one that comes along.