The labor market remains tilted in employees’ favor, meaning workers have the power to negotiate for better pay and benefits
. The 3.5% national unemployment rate ties early 2020 for the lowest jobless rate since 1969.
Taken together, workers have ample choices in the job market and"remain in the driver's seat," according to AnnElizabeth Konkel, a labor economist at the job site Indeed. "When they have those choices, it certainly gives them an upper hand," Konkel said."Maybe that means negotiating a higher wage or flexibility or whatever types of benefits a job seeker might be interested in."Workers have had that negotiating power since early 2021. Job openings and quits surged to record levels as Covid-19 vaccines were rolled out broadly and the U.S. economy reopened.to remain competitive in a challenging recruiting environment.
However, stubbornly high inflation is pushing the Federal Reserve to raise borrowing costs for individuals and businesses. The central bank is doing so to slow the economy and the labor market in an effort to
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