Some Americans seeking a job change are now finding themselves faced with the reality of a smaller job pool and lower salary jumps, according to a recent report from the Bank of America (BOA) Institute.
The report indicates that while the job-change rate has risen since the beginning of this year, the estimated rate at the end of July was just 2 percent above the 2019 average and has been trending downward since the 2022 peak of more than 26 percent.
According to August’s report from the Bureau of Labor Statistics, the nonfarm payroll employment added 73,000 jobs in July, representing just a small change from April. The unemployment rate, at 4.2 percent at the end of July, also remained steady. Employment in health care and social assistance increased, while federal employment decreased….