Growth in wages advertised on new job postings, by country and sector. This is the marginal price of labor — what firms will pay for the next hire — rather than the average pay of incumbents, so it is less sticky and leads the official wage series at turning points.
This view presents posted wage growth series by country and sector from Indeed Hiring Lab's Wage Tracker. These series carry an advantage over government-reported wages: posted wages price marginal hires rather than all workers, so they are less sticky and respond faster to economic conditions.
Division of labor with the official series: average hourly earnings drift with monthly composition — laying off low-wage workers mechanically raises the average — while the ECI is composition-adjusted but quarterly and nearly a month stale. The Indeed series is monthly, compositionally stable, and essentially real-time: it registered both the surge and the cooling of 2021–22 wage inflation ahead of the official series. In practice it is the first chart to check when asking whether wage-price pressure is easing, and the sector split tells you whether wage pressure is broad-based or confined to a few short-staffed industries.