The amount of money most workers want now to accept a job reached a record high this year, a sign that inflation is alive and well at least in the labor market.

According to the latest New York Federal Reserve employment survey released Monday, the average “reservation wage,” or the minimum acceptable salary offer to switch jobs, rose to $78,645 during the second quarter of 2023.

That’s an increase of about 8% from just a year ago and is the highest level ever in a data series that goes back to the beginning of 2014. Over the past three years, which entails the Covid era, the level has risen more than 22%. The number is significant in that wages increasingly have been recognized as a driving force in inflation. While goods prices have abated since pushing overall inflation to its highest level in more than 40 years in mid-2022, other factors continue to keep it well above the Fed’s targeted rate of 2%.

The New York Fed data is consistent with an Atlanta Fed tracker, which shows wages overall rising at a 6% annual rate but job switchers seeing 7% gains.

Employers have been trying to keep pace with the wage demands, pushing the average full-time offer up to $69,475, a 14% surge in the past year. The actual expected annual salary rose to $67,416, a gain of more than $7,000 from a year ago and also a new high.

Though there was a gap between the wage workers wanted and what was offered, satisfaction with compensation and upward mobility increased across the board.

With markets on edge over what the Fed’s next policy step will be, more signs of a tight labor market raise the likelihood that policymakers will keep interest rates higher for longer. At their July meeting, officials noted that wages “were still rising at rates above levels assessed to be consistent with the sustained achievement” of the 2% inflation goal, minutes from the meeting said.

Monday’s survey results also showed some other mixed patterns in the labor market.

Job seekers, or those who have looked for work in the previous four weeks, declined to 19.4% from 24.7% a year ago. That came as job openings fell by 738,000 to 9.58 million, according to the Bureau of Labor Statistics. The likelihood of switching jobs fell, dropping to 10.6% from 11% a year ago, while expectations of being offered a new job also declined, to 18.7% from 21.1%.

    • @ClentEnglish
      6•1 year ago

      You do get to play a me up man ship.

      Your unnecessary details indicate a deep bitterness with several facets.

      Person you are responding to wants to die and this is what you feel is an appropriate response.

      You spread your misery because you want the world to feel your pain. Karma is at play.

    • @havokdj
      4•1 year ago

      Why would you say this to someone contemplating suicide?

      I am sorry for your situation, I truly am, but you don’t know what they are going through either. You did not do anything to help the situation, only exacerbate it. No shame.

        • @havokdj
          1•1 year ago

          So I’m supposed to tolerate one person who is unwell attacking someone who is contemplating suicide?

          “Suck it up, kid, it could be worse” helps no one, it only makes the situation worse. All that person hears is that it can get worse.

          I’ve been in this situation in my life, I know exactly how it is. You cannot think clearly, but that does not give you the go ahead to try and make someone else’s pain seem trivial compared to your own. If I heard what that guy said to the person above when I was at my lowest, the taste of a barrel would have probably been the last thing I experienced before I ended my own life.

          I’m not disabled, I’ve experienced much worse. I’ve had my life utterly destroyed in front of my very eyes. Imagine watching everything you know come to an end and as much as you’ve wanted to trade your own life for theirs, you cannot. I’ve watched childhood friends that I’ve known for twenty years die from fentanyl overdose, I’ve watched one of my closest and most special family members get hit by a bus, all while I barely had a pot to piss in. Unlike that guy, I didn’t have family to bail my ass out of a shitty situation. Had to do it on my own. The very thing that saved my life, was a random guy online that did the very thing that I’m trying to at least attempt to provide to the other person. Thanks to that guy, my life didn’t end with a swiss roll filled with lead.

          I would never have tried to lessen someone else’s pain in the situation of that person above the guy we are talking about. Yeah, it sucks that you got hit by some jackass because you were in a shitty position, guess what?

          it could be worse…

          How do you think that makes him feel? That did nothing for me, and it did sure as shit nothing for him except possibly make him seethe, tough luck dude. Sorry he is so bitter, but yep, could be worse couldn’t it? Like that’s going to matter if the other guy just decides to eat lead or meet pavement.

            • @havokdj
              2•1 year ago

              I am not pushing my morals on you, please do not make that mistake. Once again, I am sorry for the situation you are going through, I know I have said it many times but I really am being genuine, but there is a distinction between pushing morals and preventing needless destruction. Not everyone reacts to statements like that the same way. We have no idea how fragile the state that he is in. Most people do not even speak about it, I never told anyone about it until right when I was about to do it, and it was basically a manifesto telling this world how much I hated it and how everyone can go fuck themselves. Someone replied and I owe my life to them. I didn’t say people don’t feel alone, I said people are not alone. At my lowest point in life, I definitely felt alone, but I wasn’t, I understand what you meant.

              I agree with a lot of what you said, just be more mindful. Like I said, I hate doing this because I know how you guys are feeling because I have also been there, but we all can strive to do better. Maybe I should have been more understanding of your situation, I am sorry if what I said seemed like an attack but your statement came off very blunt to me.

              I am sorry for what I said and did, and I hope you can forgive me, I just didn’t want to see someone else hurt themselves. If you need someone to talk to then I am here for you as well. I will listen.

        • @havokdj
          1•1 year ago

          This whole situation made me feel like shit and totally fucking ruined my day. That other guy deleted his comments. What he did was not right, but I really hope he is okay.

        • @havokdj
          1•1 year ago

          Because that was not the intention behind your message, you made intentions very clear in the first word;

          try

          Nobody is alone, but what you said did not convey that message, your message was about “it could be worse, look what I’m going through”

          I am truly sorry for your circumstances, and I hope your situation gets better, I really and truly do, but you need to either work on your communication skills, or you need to do some soul searching. I HATE doing this dude, it really fucking kills me because all I want is to at least the small ray of sunshine in everyone who I meets’ lives, but you really need to hear this.

          People in need don’t need a why, they don’t need a comparison. People in need, need support.