The proportion of individuals who reported searching for a job in the past four weeks rose to 28.4%—the highest level since March 2014. This is according to the SCE Labor Market Survey released Aug. 19 by the Federal Reserve Bank of New York’s Center of Microeconomic Data. A year ago, the proportion was 19.4%.
If noted the increase was most pronounced among survey respondents older than 45, those without a college degree and those with an annual household income of less than $60,000.
The number of workers expecting to lose their jobs also rose.
The average expected likelihood of becoming unemployed rose to 4.4% in July from 3.9% in July 2023. That’s the highest since the series started in July 2014.
Other findings included:
- Wage offers workers received. The average full-time job offer wage received in the past four months fell slightly to $68,905 in July from $69,475 in the same month a year ago.
- Expected job offers. The average expected likelihood of receiving at least one job offer in the next four months rose to 22.2% in July from 18.7% a year ago. The average likelihood of receiving multiple offers in the next four months rose to 25.4% from 20.6% a year ago.
- Expected wage offers. The average expected annual salary of job offers in the next four months declined to $65,272 from $67,416 a year ago. The New York Fed noted this is significantly higher than prepandemic levels.
- Workers’ reservation wage. The average reservation wage—the lowest wage respondents would be willing to accept for a new job—increased to $81,147 from $78,645 in July 2023, though it is down from a series high of $81,822 in March 2024.
- Working ages. The average expected likelihood of working beyond age 62 increased to 48.3% from 47.7% in July 2023. The average expected likelihood of working beyond age 67 increased to 34.2% from 32% in July 2023.
The SCE (Survey of Consumer Expectations) is a nationally representative, Internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month.
Source: Staffing Industry Analysts
