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Lowest common wage for staff to just accept new job rises 5.7% yr over yr to $72,873


August 23, 2022

The typical “reservation wage” — the bottom wage staff could be keen to just accept for a brand new job — reached $72,873 in July, based on the “July 2022 SCE Labor Market Survey” launched by the Federal Reserve Financial institution of New York’s Heart for Microeconomic Information.

That determine is up 5.7% from $68,954 in July 2021, based on the report. Nonetheless, it’s down barely from $73,283 in March, which was the best studying because the report started protecting the measure.

Different knowledge from the report on reservation wages contains:

  • For staff with out faculty levels, the typical reservation wage was $60,059. For staff who do have faculty levels, the typical reservation wage was $92,144.
  • Common reservation wage diversified between ladies and men, with the typical reservation $59,543 for ladies and $86,259 for males.
  • By age, the typical reservation wage was $76,971 for these youthful than 45 and $68,874 for these older than 45.
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The survey takes place each 4 months and relies on roughly 1,000 panelists.

It additionally discovered the typical full-time supply wage obtained previously 4 months elevated to $60,764 within the July survey from $58,469 in July 2021.

As well as, the proportion of people who reported looking for a job previously 4 weeks elevated to 24.7% in July from 24.0% in July 2021. The rise was pushed by respondents youthful than 45 and people with faculty levels. However, the speed of transitioning to a distinct employer declined to 4.1% from 5.9% in July 2021.

Different findings within the report: 

  • 21.1% reported receiving a minimum of one job supply previously 4 months, up from 18.7% in July 2021.
  • The typical anticipated probability of receiving a minimum of one job supply within the subsequent 4 months retreated to 21.1% in July from 21.6% in July 2021, remaining beneath pre-pandemic ranges.
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