Reported 5 days ago
Data from ADP reveals that the median year-over-year pay increase for those switching jobs dropped to 6.6% in September, the lowest since April 2021. This signals a narrowing gap in pay increases between job changers and those remaining in their positions, suggesting the labor market is less dynamic. Despite the decline in pay growth, the private sector added 143,000 jobs in September, marking a healthy rebound. However, with fewer incentives for switching jobs due to lesser pay raises, this trend may indicate a stabilization within the labor market, potentially characterizing the conditions for the rest of 2024.
Source: YAHOO