While countries like the U.S., UK, Canada, India, Ireland, and Singapore show more signs of slack as labor market tightness gradually approaches pre-pandemic levels, several European nations continue to face tighter conditions compared to their pre-pandemic baseline. This cooling trend suggests a potential shift in the balance of power, indicating that workers are experiencing reduced influence in the job market. Consequently, this development may contribute to a slowdown in wage pressure and inflationary pressures.
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Workers’ grip is slipping, despite job market’s resilience
Although hiring for entry-level positions in the US has also dropped, there’s still a lot of demand for people in a handful of industries, especially for roles requiring in-person attendance.
