Half of US job switchers received big pay increase in 2022, beating inflation
Supercore inflation isn’t providing the economy any relief: Omair Sharif
Inflation Insights founder Omair Sharif and Kaltbaum Capital Management founder Gary Kaltbaum react to the hotter-than-expected January CPI report and what it means for future Fed rate hikes on ‘The Claman Countdown.’
Switching jobs has proved to be a lucrative move for many American workers, who are receiving the biggest pay raises in decades as companies compete to hire a limited number of employees.
Nearly half of U.S. workers who changed jobs in 2022 received a pay raise that exceeded the average pace of inflation, according to a new blog post published by the Federal Reserve Bank of Atlanta. Roughly 49% of job-switchers saw their real hourly wage increase faster than inflation last year, compared with just 42% of workers who stayed in the same job.
The extremely tight labor market has allowed workers to quit their jobs in favor of better wages, working conditions and hours – a new trend dubbed the "Great Resignation." The Labor Department reported earlier this month that the economy had 11 million positions open at the end of December, meaning there are roughly 1.9 posted jobs for every unemployed worker.
US COMPANIES OFFERING RECORD-HIGH RAISES TO RETAIN WORKERS, KEEPING PRESSURE ON INFLATION