Earnings Growth Falls, Job Openings Decline, and Direct Provider Health Care Contracts

Hourly earnings growth fell below 3% for the first time since January 2021, according to the Paychex Small Business Employment Watch, which indicates the labor market is softening. Job openings have also decreased to pre-pandemic levels, also noting a softening labor market. Gene Marks notes that it could create opportunities to hire. Employers looking to save money or manage costs also might be interested in the trend of direct provider contracts for health care. Gene says it’s an interesting strategy in a health insurance landscape where rates keep rising. Listen to the podcast for more details.