Salary Expectations for American Workers Hit New High: Survey

American job seekers expect more money and don’t want to take a new job for less than $73,000 – a new record high.

The lowest average wage workers are willing to accept for a new job rose by $794 from July to November – to $73,667, according to a New York Federal Reserve Bank Inflation and Labor Survey released last week .

The figure is the highest salary expectation since the series began by monetary authorities.

The increase has been most pronounced among workers under the age of 45, as younger workers have sought opportunities with greater flexibility and fulfillment amid the pandemic’s “great resignation”.

The rise in wage expectations also came as fewer workers were looking for jobs and satisfaction with pay, benefits and promotion opportunities among employers had increased in November, according to the survey by the Federal Reserve Bank of New York’s Center for Microeconomic SCE Labor Market.

Still, the perceived likelihood of finding a new job rose for the fourth straight month, according to the average survey response — and the likelihood of losing the job next year was lower.

The average job posting amount across the country had also increased over a four-month period, from $60,310 in July to a record $61,187 in November.

man holding cash
The surge in expectations follows the “big resignation” sparked by the COVID-19 pandemic.
Humberto Matheus/Sipa USA
A screenshot of the New York Federal Reserve Bank's inflation and labor survey released last week.
The lowest median wage that US adults are willing to accept for a new job has risen by nearly $800 since July.
Federal Reserve Bank of New York

Meanwhile, inflation concerns among Americans eased as inflation fell to 7.1% in November from a peak of 9.1% in June.

The encouraging signs of a resilient job market come as the unemployment rate currently stands at 3.7% — nearly a half-century low, according to the Bureau of Labor Statistics.

There are almost two job openings for every unemployed American.

During the COVID pandemic, about 47 million Americans voluntarily quit their jobs — a phenomenon dubbed the “Great Resignation” or “Big Quit,” which peaked in November 2021, according to the Labor Department. Salary Expectations for American Workers Hit New High: Survey


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