Heads Up, Employers: Your New Hires Want $73,000 A Year
Wages have not kept up with inflation.
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People are looking for higher wages.
The lowest wage Americans would accept for a job has gone up by about 5.7% from last year — to $72,873, according to the Federal Reserve Bank of New York’s latest .
The data comes from the monthly Survey of Consumer Expectations, which uses a sample of about 1,000 people in the U.S. to gain data on economic issues, including inflation. One of its sub-surveys is the Labor Market Survey, which tracks how people are feeling about things like jobs, job transitions, and wages.
The report says that Americans’ “average reservation wage,” went from $68,954 in July 2021 to $72,873 in July 2022.
It does typically go up every year, the survey noted.
One dollar in July 2021 had the same purchasing power as $1.09 in July 2022, according to the . Though inflation has begun to cool off, energy and food prices rose dramatically over the last several months, especially prompted by Russia’s invasion of Ukraine – and subsequent chaos wreaked on energy markets.
And, wages have not kept up with inflation, .
Respondents also said they were less satisfied with their current wage compensation but happier with benefits-type packages.
The report also showed a persistent gender pay gap. For men, the reservation wage increased to $86,259, but for women, it declined to $59,543.
People are looking for higher wages.
The lowest wage Americans would accept for a job has gone up by about 5.7% from last year — to $72,873, according to the Federal Reserve Bank of New York’s latest .
The data comes from the monthly Survey of Consumer Expectations, which uses a sample of about 1,000 people in the U.S. to gain data on economic issues, including inflation. One of its sub-surveys is the Labor Market Survey, which tracks how people are feeling about things like jobs, job transitions, and wages.
The report says that Americans’ “average reservation wage,” went from $68,954 in July 2021 to $72,873 in July 2022.
It does typically go up every year, the survey noted.
One dollar in July 2021 had the same purchasing power as $1.09 in July 2022, according to the . Though inflation has begun to cool off, energy and food prices rose dramatically over the last several months, especially prompted by Russia’s invasion of Ukraine – and subsequent chaos wreaked on energy markets.
And, wages have not kept up with inflation, .
Respondents also said they were less satisfied with their current wage compensation but happier with benefits-type packages.
The report also showed a persistent gender pay gap. For men, the reservation wage increased to $86,259, but for women, it declined to $59,543.
