Change Jobs To Make More Money 10/8/26

With a CNBC Your Money Minute, I'm Jessica Ettinger. One of the best ways to get a raise right now is to change your job. >> Generally, when you change jobs, you get a pay increase, right? >> That's Bank of America Institute's Liz Everett Chrisberg on CNBC, and correct. Most people don't leave a job for a new one that pays them less. >> We could look in our data and understand how many people are changing jobs and how much money they get when they do. And what we saw in August for the first time really since 2023, we saw an uptick and we're actually at levels beyond 2023 where more people are changing jobs and when they do, they're getting a 12 and 1/2% pay jump. >> Wow. >> Chrisberg and her team analyzed about 70 million bank and credit card accounts to spot trends, and the big pay bump for job changers is for those in lower-paying roles. >> People changing jobs, they're seeing that pick up again, particularly for the lower-income households. >> also have to have a pretty good economy to be able to change jobs. It has to mean that employers are hiring. >> have companies are still hiring. Again, more for those those industries that are lower-wage industries, service industries. We saw it coming from the bottom up. So, the lower-income households, for the second month in a row, wage growth for lower-income households outpaced higher-income households. >> You can see the full interview with Chrisberg at cnbc.com. I'm Jessica Ettinger, CNBC.