Its not cuckoo land. People who leave jobs voluntarily very often do so with a raise in the process. But with the involuntary layoffs of the last few years (really starting in 1999-2000) many people are starting up again with new employers at a lower rate than before.
For the last couple of years at least it's been a buyer's market for professional (especially IT) staff. Of course people are starting off with a new employer at a lower rate than before. This is neither unnatural nor surprising.
It's unnatural in a supposedly booming economy.