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☆ The average job applicant says they won't accept a role paying less than about $80,000 a year
  + stars: | 2023-08-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com   time to read: +3 min
The reservation wage is the lowest salary at which a job applicant will accept a new role. A recent survey found that the average reservation wage has risen to nearly $80,000. That's a record high — and shows that while the job market has slowed, workers may still have the upper hand. The results, which reflect the responses of 1,000 people nationwide, show that the average reservation wage — the lowest wage at which someone would accept a new job — was $78,645 as of July. That's an almost $6,000 jump from the average reservation wage reported in July 2022.
Persons: That's, —, It's, Nick Bunker, that's, Yolanda M, Owens, she's Organizations: Service, SCE Labor Market Survey, North America Locations: Wall, Silicon, New York
☆ Workers in the US now want at least $76,000 to start a new job as minimum wage expectations continue to rise in a red-hot job market
  + stars: | 2023-04-19 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +3 min
Employees' wage expectations have risen to $76,000 a year, according to a New York Fed survey. The rise in expected salary levels comes at a time of historically low unemployment rates in America. Those with a college degree raised their reservation wage expectations by about $5,000 to over $97,000. The rise in expected salary levels makes sense, as it comes at a time of historically low unemployment rates in America. This, in turn, leads to employees upping their salary expectations to combat inflation's erosive effects.
☆ Worker demands for more money on the job hit a record level, a New York Fed survey finds
  + stars: | 2022-12-20 | by ( Eric Rosenbaum | ) www.cnbc.com   time to read: +5 min
The level surpassed the $73,283 record reached earlier this year in March, which it had more recently dipped below. The continued strength in the labor market will will put pressure on companies to keep using price as a lever to make back some of the margin lost to labor costs. This approach to offering more pay doesn't tie them into salary increases which can't be easily reversed, and also does not factor into the wage inflation trend for long. But for now Powell is stuck with a labor market that isn't relenting to Fed policy as quickly as hoped. "We do see a very, very strong labor market, one where we haven't seen much softening, where job growth is very high, where wages are very high.
☆ With inflation still elevated, a recession looming, and workers still in short supply, the minimum salary people will accept right now is almost $74,000
  + stars: | 2022-12-20 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com   time to read: +6 min
That's according to average reservation wage results from the New York Fed's SCE Labor Market Survey. The average reservation wage in November 2022 was $73,667, 4.7% higher than the average a year earlier. Prices are soaring, the labor market is still hot, and some small businesses are having a hard time filling openings. The average reservation wage from March 2020 to November 2022 climbed more for employed people, compared to peers who aren't working. The record reservation wage also backs up what economic data has continually shown: The labor market doesn't seem too worried about a recession.
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