The lowest salary most workers will accept is now almost $80,000

[midian182]

In brief: With the economic downturn, the threat of AI taking jobs, and mass layoffs by tech companies, one might imagine that people would be less picky when it comes to accepting positions. However, according to a new survey, the lowest salary the average worker says they will accept when starting a new job is now almost $80,000, a record high.

The New York Fed's SCE Labor Market Survey, which asked 1,000 people for details about their current or most recent jobs, found that the average reservation wage – the lowest wage respondents would be willing to accept for a new job – had reached an all-time high of $78,645. That's up from $72,873 a year earlier. It was also discovered that the yearly increase was most pronounced for respondents over age 45.

Participants may claim to only accept jobs with a near-$80,000 salary, but the average full-time offer wage received in the past four months was $69,475. While that's significantly less than what people want, it marked a 14% increase from $60,764 in July 2022.

Insider notes that the Consumer Price Index climbed by 3.2% between July 2022 and July 2023, meaning salaries for new starters outpaced inflation.

You want how much?

While satisfaction with wages, non-wage benefits, and promotion opportunities did increase year-on-year by 3%, 1.7%, and 4%, respectively, the average expected likelihood of becoming unemployed increased to 3%, the highest reading since March 2020. Moreover, the expected likelihood of receiving at least one job offer in the next four months declined to 18.7% from 21.1% in July 2022.

Another section of the survey notes that the number of people who have been searching for a new job over the last few weeks is down more than 5% YoY to 19.4%, a change that was most pronounced in people younger than 45.

Many workers might be avoiding looking for new jobs as they are busy holding onto their current employment. AI is predicted to impact 300 million jobs worldwide, and 40% of the global workforce may have to learn new skills over the next three years due to AI implementation.

Images: Andrea Piacquadio, Sora Shimazaki

Permalink to story.

https://www.techspot.com/news/99904-lowest-salary-most-workers-accept-now-almost-80000.html

 

[Theinsanegamer]

Not surprising at all. REAL inflation, not government BS, is closer to 50% since 2019. Houses have more then doubled in value. Cars have gone up by 60-70%. Fuel is back to $4 a gallon.

$50k dont cut it chief.

 

[veLa]

I know I certainly wouldn't accept anything below that, and I would still consider it too low for more than a couple years.

 

[RudyBob]

Sitting around on the dole a much better option. I mean doing nothing is good for the mind.

 

[RudyBob]

Not surprising at all. REAL inflation, not government BS, is closer to 50% since 2019. Houses have more then doubled in value. Cars have gone up by 60-70%. Fuel is back to $4 a gallon.

$50k dont cut it chief.

MM's have gone from $8.99 to 12.99 a 38 oz bag. That's huge. And you are right the price of cars is nuts. But 50k is better than.....

 

[Neatfeatguy]

So, a survey in NY is now news worthy of being applied across the entire country?

Cost of living in NY (city) compared to near where I live (MN - Twin Cities area) - is nearly an 81% cost difference between the two (https://livingcost.org/cost/minneapolis/new-york) when compared individually and 54% cost difference for family.
NYC Individual cost = $3,879 / Family cost = $8,148
MPLS Individual cost = $2,140 / Family cost = $5,312

I can see it being understandable that folks in that area are looking for a minimum of $80k for a yearly salary. In my area, $55k would be more in line with the cost of things out here.

This story is kind of stupid, it solely focuses on one area of the country - an area that's very high in cost of living (NYC is ranked - in 2022 - tied for 1st as the most expensive city in the world to live in: https://www.weforum.org/agenda/2022/12/world-most-expensive-cities/) and then posted about how people are not accepting anything less than $80k a year.....yeah, whatever.

 

[J95qRP7]

Why would workers be happy with thier low wage when they see the mass profits they're earning the company? Seems people should get a living wage. For some places, that might be as low 50k USD. In other places, it might be 150k USD, or more.

Either way, demand what you think you're worth.

 

[Uncle Al]

Yes, with industry constantly raising prices on goods and services a lower salary simply isn't feasible so they are cutting off their nose to spit their face ..... nothing new here ....

 

[USAvenger]

Bidenomics at work, Jack!

 

[wiyosaya]

Bidenomics at work, Jack!

Why yes. For once, an administration's economic policies are actually working. Oh the horror!
https://www.theguardian.com/comment...ich-means-biden-and-the-democrats-may-win-too

 

[wiyosaya]

Sitting around on the dole a much better option. I mean doing nothing is good for the mind.

IMO, those optics make no sense and are unsustainable.

 

[Jarenien]

Lol. $80,000 is basically being rich here in Wisconsin. Normal salaries are in the 45-55K range.

 

[ZackL04]

So, a survey in NY is now news worthy of being applied across the entire country?

Cost of living in NY (city) compared to near where I live (MN - Twin Cities area) - is nearly an 81% cost difference between the two (https://livingcost.org/cost/minneapolis/new-york) when compared individually and 54% cost difference for family.
NYC Individual cost = $3,879 / Family cost = $8,148
MPLS Individual cost = $2,140 / Family cost = $5,312

I can see it being understandable that folks in that area are looking for a minimum of $80k for a yearly salary. In my area, $55k would be more in line with the cost of things out here.

This story is kind of stupid, it solely focuses on one area of the country - an area that's very high in cost of living (NYC is ranked - in 2022 - tied for 1st as the most expensive city in the world to live in: https://www.weforum.org/agenda/2022/12/world-most-expensive-cities/) and then posted about how people are not accepting anything less than $80k a year.....yeah, whatever.

Ans Minneapolis is a more expensive place to live too

Vs a place like Dallas

 

[RudyBob]

IMO, those optics make no sense and are unsustainable.

I concur yet it's done in numbers hitherto unimaginable and never intended

 

[Dunkerton]

Why yes. For once, an administration's economic policies are actually working. Oh the horror!
https://www.theguardian.com/comment...ich-means-biden-and-the-democrats-may-win-too

Now THIS is some Extra Strength Copium!

 

[BobHome]

Not surprising at all. REAL inflation, not government BS, is closer to 50% since 2019. Houses have more then doubled in value. Cars have gone up by 60-70%. Fuel is back to $4 a gallon.

$50k dont cut it chief.

Fuel... I paid $5.059 a gallon yesterday for regular....

 

[dman61992]

Inflation is definitely a huge problem but also another factor is that everyone in America lives above their means. I have coworkers that have the same salary as me and their houses cost 3x what my house cost. Living in extreme debt also drives these salaries higher.

 

[McMurdeR]

Why would workers be happy with thier low wage when they see the mass profits they're earning the company? Seems people should get a living wage. For some places, that might be as low 50k USD. In other places, it might be 150k USD, or more.

Either way, demand what you think you're worth.

That's a good point. The example starts at the top.

 

[WhiteLeaff]

90% of the world's population earn half that or less.

What surprises me most is how resilient real estate inflation is. Where there are bigger margins, that's where they are less willing to give it up...

 

[wizzadoo]

80k ... Here in eu you need 4-5 years to ger that much...

 

[m4a4]

Yeah... that sounds like a survey done in the big city.

 

[godrilla]

Inflation is definitely a huge problem but also another factor is that everyone in America lives above their means. I have coworkers that have the same salary as me and their houses cost 3x what my house cost. Living in extreme debt also drives these salaries higher.

Everyone? on the other side of the spectrum of 3x you have people still living in their parents basements and choosing that simple lifestyle. choices choices.

Who need to cook anymore when you have Ubereats at your fingertips .

 

[BuckarooBonzaii]

Pay goes up but soon inflation catches up and that pay raise puts you back to square one. There is no end.

 

[GhostLegion]

So, a survey in NY is now news worthy of being applied across the entire country?

Cost of living in NY (city) compared to near where I live (MN - Twin Cities area) - is nearly an 81% cost difference between the two (https://livingcost.org/cost/minneapolis/new-york) when compared individually and 54% cost difference for family.
NYC Individual cost = $3,879 / Family cost = $8,148
MPLS Individual cost = $2,140 / Family cost = $5,312

I can see it being understandable that folks in that area are looking for a minimum of $80k for a yearly salary. In my area, $55k would be more in line with the cost of things out here.

This story is kind of stupid, it solely focuses on one area of the country - an area that's very high in cost of living (NYC is ranked - in 2022 - tied for 1st as the most expensive city in the world to live in: https://www.weforum.org/agenda/2022/12/world-most-expensive-cities/) and then posted about how people are not accepting anything less than $80k a year.....yeah, whatever.

FYI, I live in MS, an area not known for it's high cost of living (quite the opposite in fact) my wife makes around 65K a year and that's still brutally tight for our budget. I'd argue 80K per year is bare minimum these days even for MS

 

[VcoreLeone]

Cost of living climbs higher and higher every year all over the world, employees want more money. don't see how that's surprising. It's impossible to save any money if you make less, unless you wanna eat walmart hot dogs for every meal.