american workers want $79,000 salary to start new job report
Pay expectations among American workers have increased significantly in recent years. American workers are now demanding almost $79,000 a year to accept a new job, according to a Federal Reserve Bank of New York survey.
The Federal Reserve Bank of New York released the employment survey on Monday. The survey revealed that women workers expected more salary than their male counterparts.
Reportedly, the minimum salary American workers were demanding to switch jobs was nearly $78,645 during the second quarter of 2023, according to the New York Fed’s Survey of Consumer Expectations. That was an increase of about 8 per cent from 2022.
The survey also found that pay expectations among women workers increased to 11 per cent. However, there is still a pay gap between men and women when it comes to an acceptable salary. The average reservation wage the minimum acceptable salary to switch jobs was about $91,000 for men and about $25,000 for women.
According to the survey, American workers with college degrees are demanding $98,600 annually to accept a new job. People who do not have college degrees are seeking an average $63,300 a year to start a new job.
The likelihood of switching jobs declined to 10.6 per cent from 11 per cent. The expectations of being offered a new job declined to 18.7 per cent from 21.1 per cent.
According to CNBC, US workers were demanding higher wages because of rising inflation. US inflation edged up to 3.2 per cent in July.
The survey also revealed that many American were seeking earlier retirements. The average expected likelihood of working beyond age 62 decreased to 47.7 per cent from 48.8 per cent in July 2022. According to the data, older workers in the US see the labor market as unappealing.