CNBC reports that according to yesterday’s New York Federal Reserve employment survey, the average minimally-acceptable salary offer to switch jobs in the United States (“US”) rose to $78,645 during the second quarter of 2023. This was an increase of about 8% from just one year ago. Since the COVID-19 pandemic, the required wage level has risen more than 22%.
The CNBC report may be viewed HERE.
Fox News is also reporting about the New York Federal Reserve employment survey, citing that US workers with a college degree now expect a $98,600 annual salary in order to take a new job, while those without a college degree would not accept a salary below $63,300.
US workers have been quitting their jobs in favor of better wages, working conditions and hours – a trend that has been dubbed the “Great Resignation.” The US Labor Department reported this month that the economy had 9.6 million positions open at the end of June, meaning there were roughly 1.6 posted jobs for every unemployed worker.
The Fox News report may be viewed HERE.
Although wages have been rising for decades, the COVID-19 pandemic seems to have caused a major shift in how workers perceive their job priorities and has impacted what workers are willing to accept for salary. Whether this is a net positive (or not) remains to be seen.
With the reported 1.6 unfilled jobs per employee right now, the worker is in the driver’s seat to a large extent. The question asked by many, however, is how many persons of working age have left the job market by choice, and therefore, are no longer even seeking employment (and perhaps not even being counted by the federal government as unemployed)?
1 Timothy 5:18 (ESV)
“For the Scripture says, ‘[y]ou shall not muzzle an ox when it treads out the grain,’ and, ‘[t]he laborer deserves his wages.'”
Praise Jesus forevermore!