Job switchers see pay gains outpace stayers as wage premium widens

Macro
โดย Yahoo Finance·US·Read original
Summary · why it matters

Base pay for private-sector job changers rose 4.7% in August versus 3% for job stayers, according to payroll provider ADP, while gross pay including tips, commissions and bonuses climbed 7.3% for job changers against 4.4% for those who stayed put. Separate data from the Atlanta Fed showed the median pay increase for workers switching jobs rose to 5% last month from 4.4% in July, compared with 3.6% for job stayers, and ADP chief economist Nela Richardson said there is an opportunity to boost wages by changing jobs even in this low-hire, low-fire jobs market. Richardson noted that construction workers see the highest job changer pay while leisure and hospitality is the only sector ADP tracks where gross pay for job changers is lower than for job stayers. Bank of America Institute data shows hourly workers paid weekly and Gen Z workers are getting the biggest pay bumps, and KPMG chief economist Diane Swonk said the premium for job hoppers has widened significantly over the last three months but has not yet translated into an uptick in quits.

Impact on stocks 2

Cloud & Digital Infrastructure▲ · 1 stocks
Automatic Data Processing Inc
ADP
± Mixedrelevance

ADP is the payroll provider whose data on job-changer vs job-stayer pay gains is the basis of the story, but no company-specific development is reported.

Industrials▲ · 1 stocks

Off-coverage companies 1

KPMG InternationalPrivate± Mixed
relevance

KPMG chief economist Diane Swonk is quoted commenting on the widening job-hopper pay premium, but this is not a company-specific development.

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