- Among respondents who were employed four months previously, 95.3 percent were still employed in November, compared to 88.9 in July 2020 and 96.7 percent in November 2019. This increase was due to a decline in transitions into unemployment (from 10.5 percent in July to 0.8 percent). Among those who were employed four months ago, transitions out of the labor force also increased, rising from 0.7 percent in July to 4.0 percent in November. This increase was most pronounced among women and respondents without a college degree.
- The average expected likelihood of moving into unemployment over the next four months, for those who are currently employed, remained essentially unchanged at 3.6 percent.
- The average reservation wage—the lowest wage respondents would be willing to accept for a new job—increased to $68,200 in November, up from $64,225 in July. The increase was broad-based across age, education, and gender groups.
The SCE Labor Market Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online three times per year as results come in, and an annual New York Fed press release, issued following the July survey, highlights notable changes and trends.