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ADP Job Changer Pay Growth Still Elevated Despite Moderating

US DATA
  • Y/Y pay gains for job-stayers were “little changed” in April at 5%.
  • Pay growth for job-changers fell from 10.1% in March to 9.3% Y/Y, “but remains higher than it was at the beginning of the year."
  • Indeed, job changers pay had jumped from 7.6% to 10.1% Y/Y the previous month.

Job changers (yellow) vs job stayers (white)Source: Bloomberg

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