Job Switchers See 10% Pay Growth in Tight Labor Market

Median pay for job switchers rose 10% in March 2023, the highest growth since July 2022. Staying workers saw 5.1% pay growth.
There were a surprise 184,000 job additions in March per ADP data, up from 155,000 in February.
Wage growth could make it harder for the Fed to cut interest rates quickly to fight inflation.
March jobs report on Friday expected to show 215,000 jobs added and 3.8% unemployment rate.
Job market resilience seen as positive for economy as Fed keeps rates high to curb inflation.