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But ADP Also Sees A Surprise Jump In Job Changer Wage Growth

US DATA
  • More notably, there was a surprise jump in the pay growth for job changers (jumping from 7.6% to 10.0%), whilst job stayers were unchanged at 5.1%.
  • Press release: “March was surprising not just for the pay gains, but the sectors that recorded them. The three biggest increases for job-changers were in construction, financial services, and manufacturing. Inflation has been cooling, but our data shows pay is heating up in both goods and services.”

Job changer (yellow) and job stayer (white)Source: Bloomberg

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