Is this an opportune time to ask for a raise? Or, given the recent spate of tech layoffs, is it better to lay low for a while? Wages are not playing catchup with inflation, and tech companies have announced more than 60,000 job cuts this year, with indications that there will be more to come. But here is one note of caution: Bring up your own performance during pay negotiations — and not external factors like inflation and interest rates.
The good news: Employers are giving their staff pay raises: The increase in wages over the past year climbed to 5.1%, from 4.9% in the prior month, the Labor Department said Friday. Salaries are still rising much faster than they were before the pandemic, when they rose about 2% to 3% a year. U.S.-based employers announced 76,835 jobs cuts in November, a 127% jump from the previous month, according to a report by Challenger, Gray and Christmas released on Thursday. That’s 417% higher than a year ago. So far this year, companies announced plans to cut 320,173 jobs, a 6% increase from last year.
“Employers and employees alike are concerned about inflation, rising interest rates and the prospect of a recession in 2023.”
But hiring has outstripped layoffs. On Friday, the Labor Department reported 263,000 new jobs in November, while the unemployment …