More individuals looked for jobs, but, when extended, wage offers were lower, according to the Federal Reserve Bank of New York’s July first released labor market survey.
Of those surveyed, 22.7% said they search for a job in the four weeks prior, up from 19.4% in the prior survey, which was unpublished. While the trend applied across all demographics, it was most pronounced for ages 45 and lower, the Fed said.
While 17.2% reported receiving at least one job offer, the average full-time wage offered was $49,250, off from $58,880 in the March survey.
“Expectations regarding job transitions over the next four months among those currently employed were largely unchanged, with the average expected likelihood of remaining with the current employer at 85.6%,” the Fed said. “This was slightly down from 86.1% in March.
The lowest wage respondents would accept for a new job declined to $57,960 in July from $59,660 in March, its lowest level since March 2015. “This series had been trending upwards during 2015 and 2016, but has declined since November 2016,” the Fed said. The trend was seen more among workers over age 45 and household income above $60,000.
Workers are less likely to work past age 62, with 52.3% expecting to continue past that age, the lowest reading since the series’ start in March 2014. Slightly more respondents expect to work past age 67, with 33.5% expecting to do so.