Source: www.newyorkfed.org/microeconomics/sce/labor#/
- The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the March 2023 SCE Labor Market Survey.
- The SCE Labor Market Survey, fielded as part of the Survey of Consumer Expectations (SCE) since March 2014, provides information on consumers’ experiences and expectations regarding the labor market.
- The average full-time offer wage received in the past four months increased to $62,088 from $59,834 in November 2022.
- Satisfaction with wage compensation, non-wage benefits, and promotion opportunities at current jobs all declined.
- The average reservation wage—the lowest wage respondents would be willing to accept for a new job—rose to a new series high of $75,811 (data started being tracked in 2014).
- The increase was driven by respondents above age 45 and those with at least a college degree.
- Conditional on expecting an offer, the average expected annual salary of job offers in the next four months declined to $58,710 from a series high of $61,187 in November 2022.
- For those who are currently employed:
- The expected likelihood of moving to a new employer increased to 12.5%.
- The expected likelihood of moving to unemployment in the next four months increased to 2.5%.
- This increase was driven by men and respondents without a college degree.
More information:
- The SCE Labor Market Survey, which has been fielded every four months since March 2014 as part of the broader Survey of Consumer Expectations (SCE), provides information on consumers’ experiences and expectations regarding the labor market.
- The aggregated statistics, together with a companion set of interactive charts showing a subset of the data that is collect, and published every four months by the New York Fed’s Center for Microeconomic Data.
- As with other components of the SCE, they report statistics not only for the overall sample, but also by various demographic categories, namely age, gender, education, and household income. The underlying micro (individual-level) data for the full survey are made available with an eighteen-month lag.
TLDRS:
- Inflation Alert!
- The average full-time offer wage received in the past four months increased to $62,088 from $59,834 in November 2022.
- Satisfaction with wage compensation, non-wage benefits, and promotion opportunities at current jobs all declined.
- The average reservation wage—the lowest wage respondents would be willing to accept for a new job—rose to a new series high of $75,811 (data started being tracked in 2014).
- These results show the rising importance of non-wage benefits—such as health and dental insurance, flexible work arrangements, maternity and paternity leaves—in workers’ labor supply decisions in the post-pandemic era.
- Even in a ‘tighter’ labor market, the survey results show that the continued upward trend in worker’s expectations in salary to move positions.
Views: