(NewsNation) — More people are looking for a new job, and fewer people are happy with the wages and benefits their current job offers, according to the latest worker survey conducted by the New York Federal Reserve.
“The proportion of individuals who reported searching for a job in the past four weeks increased to 28.4% from 19.4% in July 2023,” the survey said.
“The increase was most pronounced among respondents older than age 45, those without a college degree, and those with an annual household income less than $60,000,” it added.
The survey also found that satisfaction with wages, benefits and promotion opportunities are all lower than the survey showed during the same four-month period a year ago.
For those looking to change jobs, the average expected likelihood of receiving an offer in the next four months increased compared to a year ago, but so did the expectation of being unemployed in the next four months.
And for those expecting to change jobs, the average expected wage offers declined year-over-year. Meanwhile, the average reservation wage (the lowest wage a job seeker would be willing to accept at a new job) increased from last year but is down slightly from the previous survey in March.
The results are from the New York Fed’s three-times-a-year “Survey of Consumer Expectations” in which about 1,000 people are asked about their experiences and expectations on issues like job searches, transitions, wages, benefits, job satisfaction and their prospects for advancement.