28% of Americans are looking for new jobs, the highest rate since 2014

A new survey from the New York Federal Reserve showed that 28.4% of Americans are actively looking for work (this is the highest figure recorded since March 2014 and includes the unemployed and those already employed and in need of a second job).

The Federal Reserve Bank of New York's Center for Microeconomic Data today released the July 2024 SCE Labor Market Survey, which shows a sharp increase in the proportion of job seekers compared to a year ago (...) The average expected wage offer (conditional on receiving one) declined year-over-year.

The New York Fed noted that the increase in job seekers was most pronounced among those over 45, those without a college degree and with an annual household income of less than $60,000.

Job satisfaction has deteriorated

The report also indicated that satisfaction with pay, benefits and promotion opportunities in current jobs has declined markedly. Overall job satisfaction has deteriorated, especially among women and lower income earners. In addition, the average salary expected in future job offers has decreased, while the minimum acceptable salary has increased:

Satisfaction with wage compensation, nonwage benefits, and promotion opportunities at respondents' current jobs all deteriorated relative to ayear ago. Satisfaction with wage compensation at   the current job fell to 56.7% from 59.9% in July 2023. Satisfaction with nonwage benefits fell to 56.3% from 64.9%. And satisfaction with promotion opportunities dropped to 44.2% from 53.5%. These declines were largest for women, respondents without a college degree and those with annual household incomes less than $60,000.