In a recent survey conducted by the Federal Reserve Bank of New York, the number of jobseekers in July saw a significant increase compared to the same period last year, while those currently employed reported reduced satisfaction with both wages and non-wage benefits.
The survey revealed that 28.4% of individuals had been actively searching for a job within the past four weeks, marking the highest level since March 2014. This is a substantial rise from the 19.4% reported in July of the previous year. The most notable increase was observed among respondents over the age of 45, those without a college degree, and individuals with an annual household income under $60,000.
In terms of future job prospects, the expectation of receiving at least one job offer within the next four months rose to 22.2% from 18.7%. Moreover, the average likelihood of receiving multiple job offers within the same timeframe increased to 25.4% from 20.6% compared to last year.
Employee satisfaction with wage compensation decreased to 56.7% from 59.9%, whereas satisfaction with non-wage benefits fell more sharply, from 64.9% to 56.3%. Additionally, satisfaction with promotion opportunities dropped to 44.2% from 53.5%. The survey highlighted that the most significant declines in satisfaction were among women, respondents without a college degree, and those with household incomes below $60,000.
The survey also indicated a decrease in salary expectations over the coming four months, with the average expected annual salary dropping to $65,272 from $67,416 a year earlier.
