The pay gap between job switchers and job changers narrowed in May in the latest sign that the US labor market is cooling from a hot start to 2024.from ADP released Wednesday showed that the median year-over-year pay increase for job switchers fell to 7.8% in May, from a recent spike of 8.3% in March and 8% in April. The gap between pay gains for job changers and those of job switchers, which grew at a 5% pace in May, is at its lowest level since February and a far cry from 2022-2023 levels.
Richardson reasons these are signs of the labor market stabilizing. The question is whether this balance lasts, or if it is a sign of a more significant slowdown.Data from ADP released Wednesday also showed 152,000 private payrolls were added in May, lower than the 188,000 seen in April, and below economists estimates for 175,000 additions.
"It’s a terrible, terrible path that they’re leading us to," the former president said. "And it’s very possible that it’s going to have to happen to them.”George Conway knocks CNN for Trump trial coverage
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