Supply and demand for workers may be becoming less central to US wage growth

12-month percent change in average hourly earnings vs. job openings rate by industry sector, September 2022 and March 2022

PIIE Chart: Design by Nia Kitchin and Oliver Ward
Notes: Job openings rate is job openings as a percent of total employment plus job openings. Dashed lines are linear trends. Job openings rate is average from October 2021 through August 2022 for September and April 2021 through March 2022 for March. Source: Karen Dynan and Wilson Powell III's blog, Job growth has slowed but the US labor market is still tight.