Average Worker Demands $80K for New Jobs

The lowest wage American workers are willing to accept for a new job has reached a record high, according to a Federal Reserve Bank of New York survey. The average "reservation wage," the minimum salary offer required for job switches, reached $78,645 in the second quarter of 2023, an 8% increase from the previous year. This increase was particularly notable for workers over 45 and those with college degrees. The tight labor market has empowered workers to seek improved wages and conditions, but rapid wage growth has contributed to high inflation. Indicators show the labor market cooling as job growth slows due to rising interest rates.