Looking for a new job now? WSJ reports on the double whammy of a sharp decline in hiring and lower pay for new hires.

• Tech companies no longer have to give big raises to keep employees.
• Managers now have “their pick of hires, which is helping to rein in pay.”
• New hires are “bearing the brunt” of changed market conditions. They are getting paid 7% lower than in 2022 for the same roles according to Gusto, which supports small and medium sized companies. Biggest drops in new hire pay have been for white collar roles (Finance for example dropped 9.2%, no reporting on Legal). ZipRecruiter found fewer new hires received more comp after changing jobs than previously.

These national trends are in line with the Bay Area. See this post of mine, in which SF Gate reported that our region has experienced significant pay decline, and laid off workers finding new jobs often received lower pay.