Posted on 08/21/2023 8:46:23 PM PDT by Olog-hai
The lowest wage that American workers are willing to take in order to accept a new job hit a record high this year, according to a Federal Reserve Bank of New York survey published Monday.
The average “reservation wage” — or the minimum acceptable salary offer required for workers to switch jobs — hit $78,645 during the second quarter of 2023, according to the Fed’s latest survey of consumer expectations.
That marks a nearly 8% increase from the same time last year when the average reservation wage hovered around $72,873.
The year-over-year increase was most pronounced for workers over the age of 45.
Workers with a college degree now expect a $98,600 annual salary in order to take a new job while those without one indicated they would not accept a salary below $63,300.
The extremely tight labor market has allowed workers to quit their jobs in favor of better wages, working conditions and hours — a trend dubbed the “Great Resignation.” The Labor Department reported this month that the economy had 9.6 million positions open at the end of June, meaning there are roughly 1.6 posted jobs for every unemployed worker. …
(Excerpt) Read more at foxbusiness.com ...
Well yes; there’s Fox News and Fox Business. There’s also Fox Weather IIRC. But they’re all controlled by liberal Lachlan Murdoch these days.
Aren’t these classic free market transactions. Bidder and asker?
I have been at the university for 25 years and I make $10k less than the new guy on the team. The people who have been here the longest are the lowest paid
That’s because they don’t last long.
Snort.
My son left his job at a health care facility that paid $17 an hour because they were hiring new inexperienced people at $20 per hour and would not raise the pay of existing employees to match.
This weekend he graduates from the police academy. Starting pay is $70K a year plus good benefits plus a signing bonus. He is number 2 in his class - seems they have a point system and number one is a black, female veteran - and he got Top Gun with a perfect score on the final range test. This is a kid who was once courted by NASA and had one of his experiments launched into space. He went through EMS training and had excellent scores, but got bumped by required diversity hiring. We never thought he would go for law enforcement, but he is doing so in a conservative area in Texas where the police are appreciated, so at least there’s that.
Bravo
“From 2009-2011, college grads could be making $10-$15 an hour or $30 grand.”
Liberal art grads but not STEM. They start, minimum, at $50k.
That is why you were pulling in $7 per hour in 1972.
I actually feel sorry for today’s workforce. I made around that 25 years ago in the middle of my professional career. Add in inflation and they have nowhere near the earning potential I had in my day and about 10 times the educational debt that someone who graduated in the 80’s did.
Would be higher without visas importing folks. Maybe if we doubled the visas....
Stem?
Was he an ISEF winner?
This wasn't ISEF. There were winners from all over the country who were flown into NM by NASA and brought to White Sands. Different experiments were put onto rockets and shot into non-orbital trajectories. My son's had to do with the effects of static electricity in space. This was when he was in middle school. A couple of years later he received an invitation to intern with NASA in Alabama, I believe.
Things must have come up a bunch since I retired in ‘13. I had been making $20/hr. for the last several years that i had worked as a skilled mechanic. However there are several tricks to that. First of all it is the rate per Flat Rate Hr. a book time for certain jobs where they figure how many hrs. & tenths it takes to do a job. This is usually pulled out of someone’s hat at the factory & is most certainly not always realistic, but it can vary either way. You have to be quite to actually make the hourly wage & if you are that fast, the job may suffer. Too many ways to cheat a tech with this method.
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