Discussion Paper

SCE Labor Market Survey Shows Average Reservation Wage Continues Upward Trend

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.

Keywords: reservation wage; Non-wage benefits; COVID-19; pandemic;

JEL Classification: J01; E24;

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2002-12-19

Number: 2022122019