Test 2024-07-04 11:14

Pay increases for American workers have continued to fall from highs reached during the post-pandemic reopening.

And that’s as true for folks keeping the same job as it is for those finding a new gig.

According to new data from ADP released Wednesday, annual wage increases for workers who stayed in their same job increased at the slowest rate in nearly three years in June. For job changers, annual wage increases slid for a third straight month.

“We are in a different regime than we’ve been in the past where that job-stayer growth was either flat or even rising,” ADP chief economist Nela Richardson said during a call with reporters on Wednesday.

“The question before us is just how low is [it] going to get? The idea that job stayer growth would go back to pre-pandemic levels is still being challenged.”