Lowest Average Wage For Workers To Accept New Job Rises 5.7% Year Over Year To $72,873

The average “reservation wage” — the lowest wage workers would be willing to accept for a new job — reached $72,873 in July, according to the “July 2022 SCE Labor Market Survey” released by the Federal Reserve Bank of New York’s Center for Microeconomic Data.

That figure is up 5.7% from $68,954 in July 2021, according to the report. However, it is down slightly from $73,283 in March, which was the highest reading since the report began covering the measure.

Other data from the report on reservation wages includes:

• For workers without college degrees, the average reservation wage was $60,059. For workers who do have college degrees, the average reservation wage was $92,144.
• Average reservation wage varied between women and men, with the average reservation $59,543 for women and $86,259 for men.
• By age, the average reservation wage was $76,971 for those younger than 45 and $68,874 for those older than 45.

The survey takes place every four months and is based on approximately 1,000 panelists.

It also found the average full-time offer wage received in the past four months increased to $60,764 in the July survey from $58,469 in July 2021.

In addition, the proportion of individuals who reported searching for a job in the past four weeks increased to 24.7% in July from 24.0% in July 2021. The increase was driven by respondents younger than 45 and those with college degrees. On the other hand, the rate of transitioning to a different employer declined to 4.1% from 5.9% in July 2021.

Other findings in the report: 

• 21.1% reported receiving at least one job offer in the past four months, up from 18.7% in July 2021.
• The average expected likelihood of receiving at least one job offer in the next four months retreated to 21.1% in July from 21.6% in July 2021, remaining below pre-pandemic levels.

Original Article: (https://www2.staffingindustry.com/Editorial/Daily-News/Lowest-average-wage-for-workers-to-accept-new-job-rises-5.7-year-over-year-to-72-873-62750)