Wage growth keeps slowing for job switchers as US labor market cools off

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The gap between wage gains seen from job switchers and job stayers is at its smallest margin in nearly three years, a welcome sign for a Fed looking for wage pressures to soften.

out Wednesday from ADP shows median year-over-year pay increases for job switchers fell to 9% in September, the slowest rate of growth since June 2021. At their peak, workers saw roughly 16% year-over-year pay increases on average, more than double that of those who stayed at their job.

"Nominal wage growth must ultimately slow to a rate that is consistent with 2 percent inflation," Powell said duringFederal Reserve Chairman Jerome Powell speaks during a town hall meeting with teachers at the Federal Reserve Board Building, Thursday, Sept. 28, 2023, in Washington. Carlos Barria/ReutersRight-wing pundits and lawmakers are already rallying around the idea of former President Donald Trump as the next Speaker of the House following Rep. Kevin McCarthy’s shock ouster Tuesday. Conspiracy theorist Alex Jones, former Trump adviser Steve Bannon, and even the far-right cable network Newsmax all floated the idea of Trump taking over the role Tuesday evening, just minutes after McCarthy’s ejection from House leadership.

Donald Trump showed up in court for the first day of his $250 million civil fraud trial in New York, where he was confronted with video of his own deposition.

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Good economic news translating 'into bad market results': StrategistThe U.S. labor market has been constantly at odds with the Fed's monetary policy and goals to contain inflation. 'Even by the Fed's own estimates, according to their summary of economic projections, they believe the unemployment rate's going to increase to 4.1% by the end of this year,' Hennion & Walsh CIO Kevin Mahn tells Yahoo Finance Live, breaking down the economic trade-offs resulting from the Fed's 'higher for longer' interest rate projections. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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