Job Switchers Just Pulled Wage Growth Back Above 4 Percent
The Atlanta Fed's Wage Growth Tracker put median wage growth at 4.1 percent in August, up from 3.8 percent in July, according to data published this week by the Federal Reserve Bank of Atlanta. That single tick matters more than it looks. It is the first move back above 4 percent since spring, and it is not coming from across-the-board raises. It is coming almost entirely from people who changed jobs.
The Atlanta Fed Wage Growth Tracker rose to 4.1 percent in August from 3.8 percent in July. Job switchers saw 5.0 percent median wage growth against 4.3 percent for job stayers. Low-wage workers grew pay at 5.0 percent against 4.0 percent for the upper half. Average hourly earnings rose 3.1 perc…
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