- The proportion of individuals who reported searching for a job in the past four weeks decreased to 18.8 percent from 24.7 percent in July 2022. The decline was broad-based across income, education, and age groups.
- Satisfaction with wage compensation, non-wage benefits and promotion opportunities all improved in November.
- Conditional on expecting an offer, the average expected annual salary of job offers in the next four months increased from $60,310 in July to $61,187 in November, reaching a new series high.
- The average reservation wage—the lowest wage respondents would be willing to accept for a new job—increased from $72,873 in July to $73,667 in November, the highest reading of the series. The increase was most pronounced for respondents below age 45.
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