Wage growth is cooling—now at 3.9% per the Atlanta Fed tracker.
What's interesting: both people who stayed in their jobs AND people who switched are seeing slower wage growth. But switchers still earn 1.3 percentage points more.
That gap tells you something about labor market tightness. When it's wide, workers have leverage. When it narrows, the power shifts back.
We're watching a slow normalization. Not a collapse. Just gravity reasserting itself after a strange few years.
Wage growth matters because it feeds into inflation, consumer spending, Fed policy, corporate margins—basically everything.
Right now? The heat is coming out of the system. Quietly.
What's interesting: both people who stayed in their jobs AND people who switched are seeing slower wage growth. But switchers still earn 1.3 percentage points more.
That gap tells you something about labor market tightness. When it's wide, workers have leverage. When it narrows, the power shifts back.
We're watching a slow normalization. Not a collapse. Just gravity reasserting itself after a strange few years.
Wage growth matters because it feeds into inflation, consumer spending, Fed policy, corporate margins—basically everything.
Right now? The heat is coming out of the system. Quietly.