Is worker power coming back? Monopsony in the US labor market

Scatter plot of earnings markdowns versus union coverage rate among occupation categories.

Employer wage-setting power has fallen since 2022, and AI exposure may be part of the story

Scatter plot of earnings markdowns versus union coverage rate among occupation categories. — Figure 4. Scatter plot of earnings markdowns versus union coverage rate among occupation categories. Source: Revelio Labs, November 2026

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