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A new report from the New York Federal Reserve found that the lowest wage that American workers said they’re willing to accept to take a new job reached a record high last month.
The so-called reservation wage was an average of $81,822 in March, a substantial increase from the $73,391 seen in the last report in November 2023, according to the New York Fed’s regular Survey of Consumer Expectations.
The New York Fed said the rise was most pronounced for men, respondents aged 45 and under and those with a household income above $60,000.
The survey also revealed a decrease in satisfaction with both wage and non-wage compensation in March, dropping by 3.1 and 3.7 percentage points, respectively. Meanwhile, workers’ satisfaction with promotion opportunities remained unchanged.
The New York Fed’s data on reservation wage demands has shown a consistent upward trajectory, reflecting the ongoing inflationary pressures and tightness in the labor market affecting the economy. Despite workers seeking higher wages, the New York Fed observed that employers were offering lower starting wages compared to recent months, with the average offer standing at $73,668 in March, down from $79,160 in November.
It would be more accurate to say that your plan is killing the economy from the bottom up. You have destroyed the middle class and the poor are much poorer now.
— MAZE (@mazemoore) April 12, 2024
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