Tuesday, December 12, 2023

Blue-collar Hiring And Pay Gains Stay Hot In A Cooling Job Market

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• Blue-collar workers are experiencing stronger hiring, more plentiful job opportunities, and faster pay growth than their white-collar counterparts, with many riding into 2024 on a year's worth of gains.

• Despite a slowing job market, Americans continue to benefit from the strengths of the labor market, with unemployment holding below 4% for 22 straight months and 83.3% of those between the prime ages of 25 to 54 participating in the labor force.

• However, with job gains slowing from an average of 399,000 a month over the course of last year to 232,000 so far this year, workers' historic surge in bargaining power during the post-pandemic rebound is now on the wane, with higher interest rates from the Federal Reserve meant to quell inflation cited as a top culprit.

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