US DATA: ADP Wage Growth Eases Further To Lowest Since 2021

• Wage growth remained elevated in July according to ADP pay insights but it still showed further signs of moderation.
• Job changers wage growth again saw the greater degree of moderation in July, falling from 11.3% to 10.2% Y/Y – lowest since Jul’21.
• Job stayers meanwhile moderated two tenths to 6.2% Y/Y – lowest since Nov’21.
• Greatest wage growth remains at the youngest age bracket (16-24 11.3% Y/Y male, 12.7% Y/Y female), with wage growth lower at each successive bracket. It culminates with the 55-85 bracket seeing 3.7% Y/Y male and 4.4% Y/Y female. The latter doesn't help encourage early retirees back to the labor market although granted they see already the second highest median pay of the age groups.

Job stayers (white) and job changers (yellow)Source: Bloomberg