Wage growth cooled as job openings per unemployed worker rose: Wage growth (annualized rate) and job openings per unemployed worker
| Date | AHE | ECI | v/u |
|---|---|---|---|
| Jul-2020 | 1.3% | 2.3% | 0.406 |
| Aug-2020 | 1.9% | 2.3% | 0.467 |
| Sep-2020 | 2.1% | 2.3% | 0.516 |
| Oct-2020 | 1.6% | 3.4% | 0.618 |
| Nov-2020 | 2.3% | 3.4% | 0.635 |
| Dec-2020 | 5.8% | 3.4% | 0.643 |
| Jan-2021 | 5.6% | 4.8% | 0.710 |
| Feb-2021 | 5.5% | 4.8% | 0.787 |
| Mar-2021 | 1.9% | 4.8% | 0.875 |
| Apr-2021 | 3.7% | 3.6% | 0.953 |
| May-2021 | 4.4% | 3.6% | 1.042 |
| Jun-2021 | 6.3% | 3.6% | 1.037 |
| Jul-2021 | 6.4% | 6.5% | 1.244 |
| Aug-2021 | 5.4% | 6.5% | 1.275 |
| Sep-2021 | 5.4% | 6.5% | 1.392 |
| Oct-2021 | 5.9% | 4.7% | 1.504 |
| Nov-2021 | 6.3% | 4.7% | 1.606 |
| Dec-2021 | 6.1% | 4.7% | 1.812 |
| Jan-2022 | 5.9% | 5.2% | 1.732 |
| Feb-2022 | 4.9% | 5.2% | 1.809 |
| Mar-2022 | 4.8% | 5.2% | 1.992 |
| Apr-2022 | 3.9% | 6.5% | 1.966 |
| May-2022 | 4.9% | 6.5% | 1.900 |
| Jun-2022 | 4.6% | 6.5% | 1.867 |
| Jul-2022 | 5.2% | 4.8% | 1.970 |
| Aug-2022 | 4.8% | 4.8% | 1.672 |
| Sep-2022 | 4.4% | 4.8% |
Notes: V/U is job openings (vacancies) per unemployed worker. Because the ECI is released quarterly, the chart shows no variation within-quarters on that measure.
Source: Data on job openings from the Job Openings and Labor Turnover Survey (JOLTS) from the Bureau of Labor Statistics (BLS). Wage growth data from the average hourly earnings (AHE) series from the Current Employment Statistics (CES), and wage and salary data from the Employer Cost Index (ECI).