Weakening Wages

In 1/23, when the labor market was sizzling, Y-o-Y wage growth for those employed during the previous year peaked at 6.4%. Among those who changed jobs it was 7.7%, and among those who didn’t change jobs it was 5.7%. By 1/24 overall Y-o-Y wage growth weakened to 5.5%, for switchers it was down a stunning 1.6 percentage points to 6.1%, but for stayers it fell one-third as much to 5.1%.