Key Takeaways:

  • Job listings are likely to take a dip in March.
  • The unemployment rate is likely to rise.
  • Wage growth will have a significant impact on our economy. 

The labor market is still looking strong but unemployment rates may increase in the latest labor market report. Unemployment rates have ranged from 4%-15% over the last 50 years, but since the pandemic, America has seen a steady unemployment rate at or below 4% for nearly three years. 

According to the U.S. Labor Department’s job report for February 2024, employers added 275,000 new jobs and the unemployment rate was 3.9%. Our data is predicting the number of available jobs to fall by about 75,000, which in turn could have a significant impact on the unemployment rate. 

As Americans are still struggling to make ends meet in today’s economy, it is likely the Fed will be more interested in the numbers related to wage growth. If wages go up, prices of goods and services, as well as interest rates will be on the rise. 

Stay tuned for more valuable data insights and predictions from WageScape. Interested to know how your company can gain valuable key insights of the labor market? Learn more about our compensation and labor insights today and stay tuned for the March post-job report.