A new report from the New York Federal Reserve reveals that American workers' minimum wage expectations for a new job have reached a record high. The average reservation wage in March was $81,822, a significant increase from the previous report in November 2023. The rise was most notable among men, respondents aged 45 and under, and those with a household income above $60,000. Additionally, workers' satisfaction with wage and non-wage compensation declined in March, while satisfaction with promotion opportunities remained steady.
A new report from the New York Federal Reserve found that the lowest wage that American workers said they're willing to accept to take a new job reached a record high last month. The so-called reservation wage was an average of $81,822 in March, a substantial increase from the $73,391 seen in the last report in November 2023, according to the New York Fed's regular Survey of Consumer Expectations.
New York Fed data tracking reservation wage demands has been on a steady upward trend amid the inflationary pressures and labor market tightness that continue to impact the economy. Despite the higher wages sought by workers, the New York Fed found that employers were offering lower starting wages than they have in recent months, with the average offer at $73,668 in March compared to $79,160 last November.
American Workers Minimum Wage Record High New York Federal Reserve Reservation Wage Household Income Satisfaction Promotion Opportunities
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