Mon, 25 April 2022 | workplace
Among those who were employed four months ago, 92.8 percent were still employed, compared to 91.0 percent in November 2021. This is the highest share seen since July 2016. The increase was due to a decline in transitions out of the labor force from 4.2 percent in November to 1.7 percent in March. This decline was broad-based and was most notable for respondents over age 45 and those with an annual household income of less than $60,000. The proportion of individuals who reported searching for a job in the past four weeks increased to 23.3 percent in March, from 21.9 percent in November. The increase was primarily driven by men and respondents with a college degree.
Satisfaction with wage compensation, nonwage benefits, and promotion opportunities at a respondent’s current job all slightly increased, reaching 61.0 percent, 65.0 percent, and 52.1 percent, respectively.
The average reservation wage—the lowest wage respondents would be willing to accept for a new job—increased to $73,283 from $70,339 in November. The increase was most pronounced for women, respondents with a college degree, and those with an annual household income lower than $60,000.
The SCE Labor Market Survey is fielded every four months as a rotating module of the Survey of Consumer Expectations (SCE). The data are updated online three times per year as results come in, and an annual New York Fed press release, issued following the July survey, highlights notable changes and trends.
Source: New York Federal Reserve