August 23, 2022
The average “reservation wage” — the lowest wage workers would be willing to accept for a new job — reached $72,873 in July, according to the “SCE Labor Market Survey July 2022published by the Center for Microeconomic Data at the Federal Reserve Bank of New York.
That figure is up 5.7% from $68,954 in July 2021, according to the report. However, it is down slightly from $73,283 in March, which was the highest figure since the report began covering the metric.
Other data from the Reserve Salary report includes:
- For workers without a college degree, the average reservation wage was $60,059. For workers with college degrees, the average reservation salary was $92,144.
- The average booking salary varied between women and men, with an average booking of $59,543 for women and $86,259 for men.
- By age, the average booking salary was $76,971 for those under 45 and $68,874 for those over 45.
The survey takes place every four months and is based on approximately 1,000 panelists.
It also found that the average full-time offer salary received over the past four months rose to $60,764 in the July survey from $58,469 in July 2021.
In addition, the proportion of people who said they had looked for a job in the past four weeks fell from 24.0% in July 2021 to 24.7% in July. This increase is attributable to respondents under the age of 45 and those with a university degree. In contrast, the transition rate to another employer decreased to 4.1% from 5.9% in July 2021.
Other report findings:
- 21.1% said they had received at least one job offer in the past four months, up from 18.7% in July 2021.
- The average expected probability of receiving at least one job offer over the next four months fell to 21.1% in July from 21.6% in July 2021, remaining below pre-pandemic levels.