Job-Hoppers Face Slowing Wage Gains as Labor Market Loses Steam
TL;DR
Wage gains for job-hoppers in the US are slowing down, indicating a loss of steam in the labor market. The three-month average of annual wage growth for job switchers dropped to 5.6% in August, down from 8.5% in July 2022, and is now barely higher than the wage growth seen by those who didn't change jobs last month. This decline in wage growth for job switchers suggests a slowdown in job-hopping and labor demand. The drop in the quits rate and the rise in the unemployment rate also indicate a less dynamic labor market. However, total employment remains high, signaling that the labor market is slowing but still strong.
- Wage gains are slowing for job-hoppers, another sign the labor market is losing steam Yahoo Finance
- Wage compression creates morale and retention issue for businesses - Buffalo Business First The Business Journals
- The Job Market Boom Is Over. Here's Why and What It Means The Wall Street Journal
- You can no longer count on job hopping for higher pay like you could during the pandemic Fortune
- Pandemic Wage Boost for Job-Switching Americans Has Disappeared Bloomberg
- View Full Coverage on Google News
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