Free Trial

Switcher vs Stayer Wage Growth As Another Measure Of Churn

  • Today’s release of the January Atlanta Fed wage growth tracker showed a more notable narrowing in the gap between wage growth for those switching jobs (from 7.7 to 7.3% Y/Y 3mma) and those staying in their existing job (5.3 to 5.4% Y/Y 3mma).
  • This put the gap between the two to 1.9pps for the lowest since June, which anecdotally at least would indicate some of the labour market churn (or at least bargaining power for those in high-demand jobs) seen post-pandemic could be fading.
  • However, when compared to the JOLTS private sector quits rate, this drop off is only confirming a recent moderation to still historically elevated levels that remain consistent with strong aggregate wage growth.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.