Wage growth is slowing --- will reach normal levels of growth in the next few months --- based on REDUCED competition for hiring

(Megan, “Wage growth slowing sharply in US, Indeed says,” pg online @ https://www.foxbusiness.com/economy/wage-growth-is-slowing-rapidly-us-indeed-says //um-ef)

U.S. wage growth has slowed sharply over the past year and is on pace to return to pre-pandemic levels by early 2024, according to new data from career site Indeed. The wage tracker – based on salaries for job advertisements listed on Indeed – showed that salaries were up 5.3% in May compared with the same time one year ago. That is a marked drop from January 2022, when wages were up about 9.3%, suggesting that employers are facing less competition for new hires. Based on the current trajectory, wage growth will likely return to its pre-pandemic range of about 3% to 4% late this year or early in 2024.