US Wage Growth for Job Stayers Exceeds Switchers for Sixth Month

US wage growth for job stayers topped that for those who changed jobs for a sixth straight month in July, the longest such stretch since the wake of the Great Recession, according to data from the Federal Reserve Bank of Atlanta.

Annual wage growth for those who stayed in the current positions was 4.1% in July, based on a three-month average, compared with 4% for people who switched jobs. With workers typically changing jobs to secure bigger pay bumps, this uncommon shift underscores the softening seen in labor demand in recent months.