And Goldman Sachs’s wage tracker for U.S. workers fell after Friday’s report on a quarterly annualized basis.
Workers are increasingly anxious about changing jobs. Quit rates have fallen to a four-year low, suggesting employees are feeling less confident that they’ll find a better position elsewhere. If this trend persists, it could also put the chill on wage gains that soared during the so-called Great Resignation.
Big segments of the work force are checking out. U.S.-born male workers are leaving the work force in larger numbers, Adams said. On the flip side, “foreign-born labor force participants have accounted for all of the job growth over the last year, offsetting the effects of an aging native-born workforce,” he added.
Such numbers could explain why Biden’s approval rating continues to languish, largely for his handling of the economy. It also may explain why Donald Trump, who draws support from a base of male U.S.-born voters, is seen as a better steward of the economy.
High inflation isn’t helping Biden’s case with voters, either. Jay Powell, the Fed chairman, said last week that a March rate cut was probably not on the cards, but he told “60 Minutes” on Sunday night that three moves were still expected in 2024. The “danger of moving too soon is that the job’s not quite done,” he said, reaffirming his view that the central bank needs more evidence that inflation is under control before making a decision.