ADP released their new employment data – May saw an employment change upward of two hundred seventy-eight thousand and a 6.5% median change in pay for job stayers. And the new April data for the Job Openings and Labor Turnover survey saw the quits rate falling by 2.4% in April, a bit higher than the Feb 2020 quits rate. And, also out, demand for workers still is far above pre-pandemic levels, with more vacancies in April than in March. There are 1.8 open jobs for every unemployed worker.
And some data contrasts what I reported earlier this week. Aspire says in its 2022/23 Salary guide looking into digital, media, marketing, sales, research, and technology job vacancies on its platform found that year-on-year (YoY) from April 2022 to April 2023, many roles have seen salaries increase by 30%.
Why do we care?
Don’t be inclined to think about the data conflicts. Earlier this week, the data focused on several technology companies that have scaled back where salaries have decreased. That’s all true, and that’s also huge, mostly Silicon Valley-type companies. Here is a broader swath of the tech market.
The lesson – there is a point of too much, and those companies in the Valley found it. They also had to pull back on their staffing because they grew too fast. That said, the conditions around them remain tight. Don’t be distracted by their aggressiveness.