Discussion Paper
An Update on the Reservation Wages in the SCE Labor Market Survey
Abstract: The Federal Reserve Bank of New York’s July 2024 SCE Labor Market Survey shows a year-over-year increase in the average reservation wage—the lowest wage respondents would be willing to accept for a new job—to $81,147, but a decline from a series’ high of $81,822 in March 2024. In this post, we investigate how the recent dynamics of reservation wages differed across individuals and how reservation wages are related to individuals’ expectations about their future labor market movements.
Keywords: labor market; reservation wage; expectations; survey; Survey of Consumer Expectations (SCE);
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Bibliographic Information
Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2024-08-19
Number: 20240819