Shrinking job-switching raises could hurt the long-term earnings of workers under 35

Forbes, citing Atlanta Fed figures, reports job switchers’ median pay rose 4.4% in the 12 months ended August 2026, versus 7.7% in the year ended March 2023. It says the smaller payoff from changing jobs could hurt the long-term earnings of workers under 35, who historically see their fastest inflation-adjusted wage growth early in their careers. ADP Research chief economist Nela Richardson advises young workers to build skills and follow job growth.