Switching jobs is a great way to get a pay raise

One trick to get a pay raise is switching jobs. New data released by the Federal Reserve Bank of Atlanta shows that people who switch jobs tend to see faster wage growth than those staying in the same role.

This is not true when the economy is recovering from a recession.

Median wage growth(%) in United States

Job stayer
Job switcher

Looking at the wage growth data since 1997, switching jobs hasn't always been the better option. The U.S. economy has twice been in recession since 1997. People saw more wage growth staying at their jobs in the early periods of economic recovery. This period was about 15 months after the end of the recession in both cases.