The Ratings Game: Walmart is reportedly lowering pay for some new hires. Do employers have the upper hand now?

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In 2021, many businesses began offering higher pay in an effort to attract staff, as the pandemic upended the job market.

But two years later, the nation’s biggest private-sector employer, Walmart Inc. WMT, is reportedly making changes that have led to lower starting pay for some workers — a sign some Wall Street analysts said marked a bigger advantage for businesses, even as labor groups still demand better pay and protections.

The…