In August 2024, wage growth for job stayers increased to 4.7% from 4.5%, while wage growth for job switchers decreased to 4.6% from 5%. This marked the first time since October 2018 that wage growth for job stayers outpaced that of job switchers.
Overall, wage growth ticked down to 4.6%, the lowest since December 2021. This trend reflects a cooling labor market, with employers becoming more cautious about raising wages amid economic uncertainties.
In August, wage growth rose for job stayers (4.7% from 4.5%) but fell for job switchers (4.6% from 5%).
This marked the first time since October 2018 that wage growth for the former outpaced the latter.
Overall wage growth ticked down to 4.6%, the lowest since December 2021 pic.twitter.com/mr3Tm05AfT
— Win Smart, CFA (@WinfieldSmart) September 16, 2024
Sources:
www.cbsnews.com/news/jobs-report-today-august-2024-unemployment-rate/
abcnews.go.com/Business/wireStory/labor-costs-remain-high-small-businesses-report-shows-113549881
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