Worker confidence in jobs offers, and salary expectations, are both up according to a recent survey from the Federal Reserve Bank of New York’s Center for Microeconomic Data.
Additionally, the average reservation wage – the lowest wage at which respondents would be willing to accept a new job – continues to increase.
Among the findings in the study:
- The average expected annual salary for job offers among responses rose from $54,646 in July 2020 to $57,207.
- Among those who were employed four months ago, 91.8% were still employed in July 2021, compared to 84.5% last July. This increase was due to a decline in transitions into unemployment to 0.4% from 10.5% in July 2020.
- The proportion of individuals who reported searching for a job in the past four weeks increased to 24.0% from 19.6% in July 2020. The increase was primarily driven by respondents without a college degree and those with household incomes less than $60,000.
- 7% of individuals reported receiving at least one job offer in the past four months, up from 13.5% in July 2020. The series remained below pre-COVID-19 levels. However, the average full-time offer wage received in the past four months declined to $58,469 from $62,911 in July 2020.
To see more on the study, click here.