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

PIIE
Notes: Job openings rate is job openings as a percent of total employment plus job openings. Dashed line is linear trend. Job openings rate is average from October 2021 through August 2022 for panel a and April 2021 through March 2022 for panel b. Source: Bureau of Labor Statistics via Macrobond; authors' calculations.