ADP reported a decrease in median year-over-year salary increases for job switchers to 9% in September, the smallest since June 2021.

Workers saw average 16% year-over-year salary rises at their peak, more than double those who stayed.

The disparity between pay growth from departing and staying is the narrowest since October 2020.

The September ADP National Employment Report revealed 89,000 private payroll employment created to the US economy, with Bloomberg economists predicting 150,000 monthly employment gains.

August’s hire rate was 3.7%, unchanged from July and below pre-pandemic levels.

The quit rate remained at 2.3%, down from the historically high 3% in April 2022.

The Fed may welcome wage pressure reductions in its inflation war, as more typical pay gains improve balance.