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Smallest Premium For Switching Jobs In Three Years - ADP

US DATA

ADP pay insights for November:

  • Job stayers: 5.6% Y/Y pay increase from 5.8% in Oct - slowest since Sep’21.
  • Job-changers: 8.3% pay increase from 8.4% in Oct - slowest since Jun’21.
  • As the ADP notes: “The premium for switching jobs is at its smallest in three years of data."

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

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