JOBS AND WAGES
2019 should be another banner year for workers, says Mark Zandi, chief economist at Moody’s Analytics.
Unemployment is low, and is likely to fall further in the coming year, he said. There are a record number of job openings, across nearly all industries. With such a tight job market, Zandi expects wage growth will continue to accelerate from about 3 percent currently to 3.5 percent a year from now.
“Workers have the upper hand with their employers, and that should remain the case in the coming year,” he said.
Glassdoor Chief Economist Andrew Chamberlain said that one of the drivers for this tight job market ahead is an aging workforce. For the first time in U.S. history, there will likely be more retirees in America than children under age 18 by 2035, according to U.S. Census data. So as those people leave their jobs, there will be a continued struggle to find the right workers to replace them.