Job Hopping is Losing Its Payoff: Bank of America Says Raises for Switchers Dropped from 20% in 2022 to 7% in 2025 | AI News Digest
A recent report from Bank of America indicates a significant decline in job switching among American workers, with the percentage of employees changing jobs dropping from 26% during the pandemic to just above 2019 levels. This trend is attributed to a cooling labor market, characterized by fewer job openings and smaller pay raises. Median raises for job switchers have decreased from 20% in 2022 to just 7% in July 2023. Economists suggest that uncertainty in the market, including tariffs and cautious business investment, is contributing to this stagnation. As workers become more hesitant to change jobs, employers are gaining leverage in the labor market. The upcoming Labor Department report is anticipated to provide further insights into these trends.
