Economics
Job Switchers in U.S. Tech, Construction Are Getting the Biggest Raises
Iron contractors work on the facade of a luxury condominium in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Americans switching jobs are getting bigger raises than employees staying put, with companies in technology and construction giving the largest pay hikes to those willing to take new positions amid a historically tight labor market.
Workers who switched jobs from one month to next saw average wage growth of 5.3% in June from a year earlier, near the best pace in almost five years of data and outpacing the 4% gain for all private employees, a fresh high, according to an ADP Research Institute report released Wednesday.