The U.S. labor market is strong. Job hopping for a big bump in pay, however, just got a lot trickier.

People who want to leave their current job in the hope of getting more money elsewhere are about to get a wake-up call.

The May jobs report showed softening wage growth as inflation rates keep coming off the boil. Hourly wages climbed to $33.44, marking 4.3% yearly growth. That’s down slightly from the year-over-year growth in April, and sharply off 5.9% at one point last year. “‘This is the second month we’ve seen a full percentage-point decline in pay growth for job changers.’”

Pay growth “is slowing substantially” ADP chief economist Nela Richardson said when ADP released its May jobs data this week. “This is the second month we’ve seen a full percentage-point decline in pay growth for job changers.”Job switchers received a median pay increase of 13% as of April, significantly less than the 20% they received “when the great resignation was in full swing,” a separate report by Bank of America BAC found.

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