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Americans who change jobs get bigger raises than workers who stay put.
This is based on the February edition adenosine diphosphateof National Employment ReportThe data shows that those who changed jobs saw their salaries increase by 7.6% year-on-year, the first increase since November 2022.
ADP said in a report on Wednesday (March 5) that for those who stayed with their employer, wage growth continued to slow at 5.1%, the smallest increase since August 2021 Press release. The private sector added 140,000 jobs in February.
“Employment growth remains strong,” he said Nella RichardsonADP chief economist said in a press release. “Wage increases are trending downward, but are still higher than inflation. In short, the labor market is dynamic, but it will not affect the Federal Reserve’s interest rate decision this year.”
The biggest growth came from the leisure/hospitality industry, which added 41,000 jobs, according to the release. Other major growth areas include construction (28,000 jobs) and trade/transportation/utilities (24,000 jobs).
Two industries saw job losses this month: natural resources/mining and information, with losses of 4,000 and 2,000 respectively.
Research from PYMNTS Intelligence earlier this year found that 90% of consumers said their income Not keeping up with inflation, female consumers are less likely than male consumers to report inflation tracking salary growth. Only 14% of consumers said their income grew at or above inflation.
“exchange Work is how many consumers can jump-start their take-home pay,” PYMNTS wrote in January. “But while 62% of consumers are dissatisfied with their income, only one-third believe they can successfully change jobs and find a new position that both meets their qualifications and meets their salary requirements.”
Recent research finds that high-income earners are less likely to change jobs. According to the latest PYMNTS Intelligence report, they are more likely to live paycheck to paycheck.A new reality check: Payroll reporting”.
Since January last year, the proportion of consumers who earn more than $100,000 and live paycheck to paycheck has also increased to 48%, and the proportion of consumers who earn more than $200,000 has also increased to 36%.
“Although Millennials tend to have higher incomes, they are more likely to live paycheck to paycheck, as are urban consumers,” the report states. “Continued increases in the cost of living, especially housing, may explain the demographic decline in financial well-being. These changes.”
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