Compared to a year ago, the rate of transitioning to a new employer fell in July, while the reservation wage (the lowest wage respondents would accept for a new job) increased, according to new data from the Federal Reserve Bank of New York.
Just 4.1% of respondents changed employers (compared to 5.9% in July 2021). Meanwhile, the reservation wage climbed to $72,873 down slightly from March of this year, but up nearly $4,000 compared to last July.
More than one in five (21.1%) respondents had received at least one job offer in the previous four months, up from 18.7% last year. The average full-time wage was $60,764, compared to $58,469 in July 2021.
- Respondents’ satisfaction with wage compensation at their current jobs was down slightly year over year (56.9% compared to 58.2%), while satisfaction with nonwage benefits and promotion opportunities increased (0.6 and 3.0 percentage points, respectively).
- 24.7% of respondents reported searching for a job (up from 24.0% in July 2021), driven by workers under 45 and those with a college degree.
- 11.0% of respondents expect to move to a new job, up from 10.3% last year.