The February jobs report beat expectations, but wage growth came in at 5.1%, slightly below the 5.8% expected.
And we know from the massive coverage it gets that the labor market is showing strong growth. If you need cold, hard data, 4.3 million Americans quit their jobs in January. And pair that with the 11.3 million job postings, which have been revised up from the initial report of 10.9 million job postings.
But let’s dig into the market with an expert. Ian Siegel, CEO of ZipRecruiter (ZIP*: ENGLISH) – Get the Class A report from ZipRecruiter, Inc. joined TheStreet to explain what it sees and how ZipRecruiter approaches this environment.
“I mean, it’s really interesting because employers have rolled out the red carpet when it comes to trying to get job seekers back. They’ve raised salaries, they’ve offered record numbers of ‘jobs with benefits. They’ve offered a record number of jobs with signing bonuses, flexible hours,” Siegel said. “They’re even doing things like paying tuition for recent graduates so that they can onboard and train these people and whatever skills they lack in their business. But it seems to me that wage growth is definitely here to stay.”
“There is a growing awareness among the job-seeking population that they really have leverage right now. There are enough stories out there that general education for job seekers is really at an all-time high,” he continued. “So I think we’re going to see persistent long-term wage growth as employers do whatever they can to address this shortage of talent participating in the labor market.”
Watch the full interview in the video above.