Job Switchers Saw Much Bigger Pay Bumps Than Loyal Employees in 2022's Tight Labor Market

U.S. job switchers saw much higher pay increases than job stayers in 2022 due to labor shortage.

Median pay increase for job switchers was 15-16.5% in 2022, vs 7-8% for job stayers.

Pay increase gap between switchers and stayers has narrowed from 8.8% to 3.1% by Sept 2022.

As labor market cools, number of people quitting jobs has declined.

End of "Great Resignation" as imbalance between labor supply and demand eases.