Wage demands hit record high: Average job seeker wants at least $78k
Ivana Saric
Average lowest wage people say they would accept for a new job
Monthly surveys of approximately 1,000 U.S. household heads; March 2014 to July 2023
U.S. workers on the job hunt currently harbor record-high wage expectations, with men expecting significantly more money from job offers than women, according to a new Federal Reserve Bank of New York survey.
Why it matters: The ultra-tight labor market during the pandemic was a boon for wages and worker power. While the gradual loosening of the labor market threatens to erode some of those gains, the survey results indicate workers are feeling confident about asking potential new employers for more money.
By the numbers: The average reservation wage of U.S. jobs seekers — the lowest annual pay workers would accept for a new job — climbed to a record high of $78,645 in July, up from $72,873 at the same time last year, according to the survey.
Yet the average full-time wage offer received in the past four months was $69,475, itself a marked increase from $60,764 last July.
According to the survey, the average annual wage for full-time workers in July was more than $79,000, compared to nearly $76,000 in July 2022.
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https://www.axios.com/2023/08/22/salary-expectations-wages-rising-american-pay
