- The average full-time offer wage received in the past four months increased to $62,088 from $59,834 in November 2022.
- Satisfaction with wage compensation, non-wage benefits, and promotion opportunities at current jobs all declined.
- The average reservation wage—the lowest wage respondents would be willing to accept for a new job—rose to a new series high of $75,811. The increase was driven by respondents above age 45 and those with at least a college degree.
- Conditional on expecting an offer, the average expected annual salary of job offers in the next four months declined to $58,710 from a series high of $61,187 in November 2022.
- For those who are currently employed, the expected likelihood of moving to a new employer and moving to unemployment in the next four months increased to 12.5 percent and 2.5 percent, respectively. The increase in the expected move to unemployment was driven by men and respondents without a college degree.
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 as results come in, and an annual New York Fed press release, issued following the July survey, highlights notable changes and trends.
Blog: SCE Labor Market Survey Shows Average Reservation Wage Continues Upward Trend