This page shows the unemployment rate and wage growth for production and nonsupervisory workers since the 1960s. The two measures have had an inverse relationship historically. Following a red-hot 2022, the labor market is showing signs of slowing. However, the large backlog of job vacancies should limit any substantial rise in unemployment. Wage growth, on the other hand, should moderate in the year ahead as a slowing economy and declining corporate profits ease upward pressure on wages.