- Instawork Announces Wage Signal Index Highlighting Month to Month Changes in Hourly Wages
Instawork, the leading platform for connecting businesses with skilled hourly workers, announced the release of its Wage Signal Index (WSI) and indexed hourly wage trends. The WSI tracks the overall direction of hourly wages in occupational groups that represent 44% of the American hourly workforce. Since hourly professionals make up more than half of the American workforce as a whole, an up-to-date picture of trends in their pay is a critical resource in understanding the evolution of pay for this large portion of the labor market.
Wage trends tracked by Instawork for hourly workers show that wages increased heading into the summer of 2021 then reversed in the fall, both in aggregate and for most of the roles with shifts transacted on the Instawork platform. The Omicron Covid-19 wave in December and January led to another spike in wages as businesses tried to fill roles on short notice. Since then, wages have been declining again – and this decline is expected to continue in March, according to advance bookings that have already happened on the platform.
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Each month, the Instawork Economic Research team measures the average wage offered by each business for a specific role and region. When businesses offered shifts for the same role in the previous month, it is recorded whether the average raise rose or fell.
The first release includes the national WSI and breakdowns for six occupational categories also tracked by the Bureau of Labor Statistics. Further wage trends are provided for 13 roles in a variety of industries. In general, there has been the greatest increase since July 2021 in hospitality, custodial, and events.
“We’re excited to release forward-looking wage data on hourly paid workers, an essential but often overlooked part of the workforce,” said Daniel Altman, Chief Economist of Instawork. “For the first time, analysts and researchers will have access to wage trends that include shifts that will take place in the future. These trends will be an essential tool for businesses looking to plan and respond to the market when making their staffing decisions.”
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The Instawork WSI and wage trends are released on the first Monday of every month, beginning today, March 7, 2022. A full explanation of the methodology accompanies each release.
To receive future editions of the Instawork Economic Research Newsletter and WSI as soon as they are published, please subscribe by visiting: https://hubs.li/Q012kZ–0
Instawork matches thousands of businesses across the country to more than 1.5 million hourly workers who want flexible work and higher wages, solving the barriers to staffing that face businesses today. The Instawork Economic Research Division leverages its unique position in the labor market, as well as the company’s proprietary real time data, to share insights on this critical component of the economy.