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SCE Labor Market Survey Shows Average Reservation Wage Continues Upward Trend

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Abstract

The Federal Reserve Bank of New York’s November 2022 SCE Labor Market Survey shows a rise in the average reservation wage—the lowest wage respondents would be willing to accept for a new job—to $73,667, its highest level since the series began in 2014. Respondents’ satisfaction with wage compensation, non-wage benefits, and promotion opportunities at their current job all improved in November compared to July. Regarding expectations, the average expected wage offer (conditional on receiving one) also increased and reached a new high.

Suggested Citation

  • Felix Aidala & Gizem Koşar, 2002. "SCE Labor Market Survey Shows Average Reservation Wage Continues Upward Trend," Liberty Street Economics 2022122019, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:95295
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    File URL: https://libertystreeteconomics.newyorkfed.org/2022/12/sce-labor-market-survey-shows-average-reservation-wage-continues-upward-trend/
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    More about this item

    Keywords

    reservation wage; Non-wage benefits; COVID-19; pandemic;
    All these keywords.

    JEL classification:

    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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