November 4, 2026
The Upjohn Institute New Hires Quality Index shows inflation-adjusted hourly earnings power of individuals starting a new job rose 0.6 percent in September 2026, to $23.12 and a new series high. It had fallen over the previous two months. The index is up 0.7 percent from one year ago and up 0.2 percent from its previous peak in February.
Hiring volume, however, continued to decline in September, down 0.6 percent from August and 1.0 percent from its recent high in June. Nonetheless, hiring volume remains 2.3 percent higher than its level from one year ago, when it was near record lows. Adjusting for population growth, hiring rates are still up 1.3 percent from last year, but fall short of the pre-COVID baseline by 9.1 percent. Hiring remains sclerotic, especially outside the top of the earnings distribution.
You can find those breakdowns, and plenty of other information about the state of hiring, at upjohn.org/nhqi.