(Bloomberg) -- A strong labor market is proving to be blessing for job switchers as they pocket bigger raises amid record openings.
Median wage growth for those who jumped to new positions picked up to 4.6 percent in January from a year earlier, the fastest pace since October 2007, according to the Federal Reserve Bank of Atlanta's Wage Growth Tracker. That compared with 3.4 percent for those who haven't switched jobs, though that measure was down from a 10-year high of 3.9 percent reached in November.
The tracker for switchers measures nominal hourly pay gains for those who moved to a different occupation or industry group in the past year, or those who have had a different employer or job duties than the prior month in any of the last three months.
A separate report this week from the Labor Department showed robust demand for workers: The number of U.S. job openings rose to a record 7.34 million in December, more than 1 million more than the total number of unemployed Americans.
To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net
To contact the editors responsible for this story: Scott Lanman at slanman@bloomberg.net, Jeff Kearns
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