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US DATA: Stronger Hiring Didn’t Require Stronger Pay Growth In September - ADP

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Within the ADP’s Pay Insights report, job changers saw a notable moderation in pay growth from 7.3% to 6.6% Y/Y, its lowest since Apr 2021.
  • Job stayers meanwhile edged a tenth lower to new recent low of 4.7% and its lowest since Jul 2021.
  • ADP note that this meant the “premium over job-stayers shrank to 1.9 percent, matching a low we last saw in January”. “Stronger hiring didn't require stronger pay growth last month.”
  • Recall that separate data from the Atlanta Fed's wage tracker already shows job changer wage growth in August below that of wage stayers for the first time since 2018. 
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  • Within the ADP’s Pay Insights report, job changers saw a notable moderation in pay growth from 7.3% to 6.6% Y/Y, its lowest since Apr 2021.
  • Job stayers meanwhile edged a tenth lower to new recent low of 4.7% and its lowest since Jul 2021.
  • ADP note that this meant the “premium over job-stayers shrank to 1.9 percent, matching a low we last saw in January”. “Stronger hiring didn't require stronger pay growth last month.”
  • Recall that separate data from the Atlanta Fed's wage tracker already shows job changer wage growth in August below that of wage stayers for the first time since 2018.