Switching Jobs Paid Big Time in April

May 16, 2023 | Macro Insights, No Bull Economics

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While declining labor turnover was a common theme during the 1Q23 investor calls, wage data shows that there is still good reason for employees to job-hop.

Commentary

  • As evidenced by the chart below, there has rarely been such a good time to shop for a new job, with job switchers enjoying a +7.6% y/y wage increase during April 2023 vs. “only” +5.6% for job stayers.
Wage Growth Tracker by Job Switcher/Stayer

Source: Wage Growth Tracker – Federal Reserve Bank of Atlanta (atlantafed.org)

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