Salary growth for job changers accelerated in July.

ADP Report: In July, salary growth for job changers accelerated. Last month, the salary increase for retained employees remained at 4.4%, while salary growth for job changers rose to 7%, marking the largest year-on-year increase since August 2025. In July, the median year-on-year salary growth rate for employment in the financial services industry was 5.2%, up from 5.1% in June. In July, the median year-on-year salary growth rate for employment in the manufacturing sector was 5%, up from 4.9% in June. In July, the median year-on-year salary growth rate for employment in professional/business services was 4.1%, unchanged from June. In July, the median year-on-year salary growth rate for employment in the construction industry was 4.5%, down from 4.6% in June. In July, the median year-on-year salary growth rate for employment in trade/transportation/utilities was 4.4%, unchanged from June. ADP Chief Economist Nela Richardson stated that job seekers are highly sensitive to the current economic conditions, and their rapid wage growth indicates potential supply constraints in certain areas of the labor market. Meanwhile, the typical hiring patterns are also changing as employers respond to shifts in the macroeconomic environment.