Another Sign the Job Market is Cooling: Wage Hike for Job Switching Has Dropped From Its All-Time High

On average, you get a wage hike for switching jobs. August of 2022, though, offered by the far largest premium for switching jobs, an average of 2.8% bigger raise than if you'd stayed in the same job. These last couple of months, though, that premium has returned to normal, suggesting that the job market is cooling.