Bank of America Institute senior economist David Tinsley joins Wealth! Host Brad Smith to break down Bank of America Institute’s data and what it signals about the labor market at large. "When we look at our Bank of America Institute data, I think I’ll point to two pieces of data that suggest the labor market is kind of cooling, but it’s not falling off a cliff," Tinsley says, highlighting that small business payments to hiring firms have "tracked lower gradually quarter on quarter over 2024, particularly [in] services, but it’s hardly a kind of runaway decline." "The other piece of data I’d point to is on the wages side," with the pay rise people get when switching jobs being "just a shade below 10%" compared to 20% during the great resignation and slightly lower than 2019 pre-pandemic levels. The economist adds, "What we’re seeing on the gig side is, in a way, there is a push and pull reasons to work in the gig economy, and when we look at our data, roughly about 3.8% of our customers have some income from gig work. So, it’s been pretty stable over the last few years." Watch the video above for more about the Bank of America Institute’s labor market data.
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