Richmond Fed, Report: The Landscape of Labor in Leisure and Hospitality
Page(s): 5
“There are signs that L&H employers are feeling less stressed about their staffing levels, which could possibly be a precursor to slower hiring ahead. Wage growth in the industry has fallen to pre-pandemic levels after a year of unusually rapid wage increases. Furthermore, after seven straight quarters where quarter-over-quarter growth in L&H wages and salaries surpassed the overall average, L&H wage growth fell below the overall average in the latest quarter of data, as seen in Figure 4 below. If L&H employers were feeling desperate for workers, they would still be increasing wages rapidly relative to other industries to attract job applicants.”