The July NY Fed survey reveals that 4.4% of respondents believe they may lose their jobs in the next four months, marking the highest percentage recorded. However, this figure is overshadowed by a growing 11.6% who anticipate changing employers, underscoring a significant churn in the labor market. While concerns about job loss have risen, the sentiment of greater mobility among workers indicates a changing dynamic with employers needing to be aware of their workplaces' appeal.
Consumer satisfaction with jobs is declining, with more workers looking for new opportunities amidst a backdrop of rising pay expectations. The average job seekers’ reservation wage stands at just above $81,000, showing a substantial increase since March 2020 and reflecting the ongoing tensions between job availability and wage satisfaction. Women in particular are pushing for higher salaries, while men continue to expect a significantly greater average wage, highlighting the disparity in pay expectations.
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