The salary premium for job switchers is now around 2%. Four years ago, it was 8%.
A growing number of Americans are finding themselves out of work for six months or longer.
Although layoffs have been slowing, it's been an especially tough year for government workers and for staff at nonprofits that rely on federal funds.
Job cut announcements rose 29% in July from the previous month, according to outplacement firm Challenger, Gray & Christmas.
Economic uncertainty has both employers and employees waiting on the sidelines.
Employers have laid off at least 700,000 more workers so far this year than at the same point last year.
Leaders need to develop a safety net that will help displaced workers find good jobs, says senior economics contributor Chris Farrell.
But those job quitters aren’t evenly distributed around the country.
The moderation in pay growth is part of more balanced and stable economic conditions, some economists say.
