US Federal Reserve officials have singled out hiring and wage trends in the broad service sector as central to their outlook for inflation and, therefore, monetary policy.
and find a stopping point for interest rate increases, few dynamics will be as important as what played out in Sprint Mart’s drive to coax workers back to the sort of frontline service jobs hit hardest by the pandemic.
Powell this week will deliver his semiannual report to Congress on monetary policy and the economy, testifying before the Senate banking committee on Tuesday, March 7, and House financial services committee on Wednesday, March 8. After pandemic-era adjustments, companies “are very much aware that they do not want to get wages too much out of alignment with long-term plans,” he said. Data like a recent jump in those choosing part-time work suggests firms are using flexibility on hours and other incentives short of higher wages to attract employees.
. Once pandemic-related changes are completed, companies won’t have to perpetually ratchet worker incentives beyond the new baseline, Goldman Sachs economist Manuel Abecasis wrote. Between lower inflation, a slow but steady drop in job openings, and a wrapping up of pandemic adjustments, wage growth should fall by the end of next year to the 3.5% annual rate considered more consistent with the Fed’s inflation goals.
There also have been high-profile layoffs. But while rounds of firing at companies like Alphabet’s Google and Facebook parent Meta Platforms have roiled the tech industry, other firms are picking up the slack.
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