In further evidence that the workers within the US economy are feeling pain, and a disconnect exists between Main Street and Wall Street the latest data from the ADP shows wage increases for American workers have continued to decline from the highs reached during the post-pandemic reopening.
Interestingly: this trend is evident for both employees who remain in their current jobs and those who switch to new positions. Annual wage increases for workers staying in the same job grew at the slowest rate in nearly three years in June. For those changing jobs, annual wage increases declined for the third consecutive month.
"We are in a different regime than we've been in the past where job-stayer growth was either flat or even rising," said ADP chief economist Nela Richardson during a call with reporters on Wednesday 3rd July 2024.
"The question before us is just how low is it going to get? The idea that job-stayer growth would return to pre-pandemic levels is still ...
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