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.
The rest of the article is both enlightening and frightening. It's here:
$80k ($40/hr) may be an entry wage in NYC or other urban hives but out in the real world that is the salary for someone with more than a few years experience or a tradesman. Not a xx Studies BS with an deep debt and a worse attitude.
ReplyDeleteIt may be in part an issue of how much it *costs* to change jobs, especially if it involves moving. I bought my house in 2016. Because I live in a red state where people are moving in, prices have risen dramatically. My house is valued at 68% higher than I paid for it. One of my coworkers moved here two years ago. He decided not to buy a house but instead to rent and save money for a bigger down payment. Now he can't afford half the house he could have afforded if he'd bought when he got here -- because of market changes and increased interest rates. If you've put down some roots, have a mortgage at a decent rate, etc. it may take a lot to make you pull up roots and move somewhere where settling down costs twice as much as it should.
ReplyDeleteYou forgot something: $80 for the job plus a guarantee from Joe that he'll create a "gender studies student loan forgiveness program".
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