Tennessee

Monthly salary report: decrease in annual pay percentage in Tennessee for job changers

Published

on


NASHVILLE, Tenn. (WTVF) — In the month of May, Tennessee’s annual pay growth decreased to 6.4%.

Each month, ADP releases ADP Pay Insights, which shows the salaries of the same group of almost 10 million employees over a 12-month period. The ADP National Employment Report’s Pay Insights for May said that workers in Tennessee who have stayed in their role for the past 12 months received a median annual salary of $51,000.

“This is the second month we’ve seen a full percentage point decline in pay growth for job changers,” said Nela Richardson, ADP Chief Economist. “Pay growth is slowing substantially, and wage-driven inflation may be less of a concern for the economy despite robust hiring.”

Nationally, the change in annual pay was 6.5% and the average annual pay for those who stayed in their jobs was $57,300. ADP Pay Insights also found that wages grew fastest for younger workers over the last year. Gen Z workers ages 16 to 24 saw a 14.7% pay growth, and workers ages 25 to 34 saw only 9.6% pay growth.

Advertisement

The ADP Pay Insights report is released every month alongside the ADP National Employment Report.


Get NewsChannel 5 Now, wherever, whenever, always free.


Watch the live stream below, and download our apps on Roku, Apple TV, Amazon Fire TV and more. Click here to learn more.





Source link

Advertisement

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Trending

Exit mobile version