NASHVILLE, Tenn. (WTVF) — In the month of May, Tennessee's annual pay growth decreased to 6.4%.
Each month, ADP releases ADP Pay Insights, which shows the salaries of the same group of almost 10 million employees over a 12-month period. The ADP National Employment Report's Pay Insights for May said that workers in Tennessee who have stayed in their role for the past 12 months received a median annual salary of $51,000.
"This is the second month we've seen a full percentage point decline in pay growth for job changers," said Nela Richardson, ADP Chief Economist. "Pay growth is slowing substantially, and wage-driven inflation may be less of a concern for the economy despite robust hiring."
Nationally, the change in annual pay was 6.5% and the average annual pay for those who stayed in their jobs was $57,300. ADP Pay Insights also found that wages grew fastest for younger workers over the last year. Gen Z workers ages 16 to 24 saw a 14.7% pay growth, and workers ages 25 to 34 saw only 9.6% pay growth.
The ADP Pay Insights report is released every month alongside the ADP National Employment Report.
