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ADP Pay Growth Continues Steady Moderation

US DATA
  • Pay for job-stayers rose 5.4% in December, down from 5.6% a month earlier, having peaked at 7.8% in Sep 2022.
  • Pay for job-changers rose 8% percent in December, down from 8.2% a month earlier, having peaked at 16.4% in Jun 2022.
  • Job changers have seen a more varied pattern to their earnings growth moderation, having still been at 14.1% in March before falling to 8.8% in September after which progress has slowed.

Pay growth for job changers (yellow) and stayers (white)Source: Bloomberg/ADP

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