NY Fed Survey: Expected wage for a new job rises to record high in July

The Federal Reserve Bank of New York’s latest the SCE Labor Market Survey revealed that the lowest wage respondents would be willing to accept for a new job jumped to a record high of $78,645 in July, up from $72.873 a year ago.

The US Dollar Index showed no immediate reaction to this report and was last seen trading flat on the day at 103.45.

Key Quotes

“The average full-time offer wage received rose sharply to $69,475.”

“The average expected likelihood of becoming unemployed increased to 3.9 percent, the highest reading since March 2020.”

“Conditional on expecting an offer, the average expected annual salary of job offers in the next four months increased to $67,416, the highest reading of the series.”