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Fed Survey: Lowest Average Salary Americans Would Change Jobs for Reaches Record High

S.J. Steinhardt
Published Date:
Apr 19, 2024

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A Federal Reserve survey has found that job seekers have higher salary expectations than they have had in years, CNBC Make It reported.

The lowest average pay that Americans would be willing to accept in a new job reached $81,822 as of March, a new series high since 2014, according to the Federal Reserve Bank of New York’s latest consumer expectations survey. Respondents to the last survey, in November, said that they would need an offer of $73,391, on average, to take a new job.

“New hires are negotiating their offers at very high rates and are behaving as though they have a lot of bargaining power and leverage,” said ZipRecruiter chief economist Julia Pollak in an interview with CNBC.

The increase was most pronounced for men, respondents aged 45 and under, and those with an annual household income above $60,000, the survey reported.

The salary expectations gap between men and women increased, Bloomberg reported. Men said the lowest offer they would accept to change jobs was $95,500 in March, compared with women, who said they would change jobs for $66,300.

The typical full-time U.S. worker earns a median salary of $60,000 per year, according the U.S. Department of Labor’s Bureau of Labor Statistics’ most recent report.

More people are seeking new positions, the survey found. The number of jobseekers increased to 25.1 percent from 23.1 percent in November 2023, marking the highest reading since March 2014. The increase was driven by men, respondents over age 45 and those without a college degree.