Fewer Americans were changing jobs in July compared to the same time in 2021, a sign that the U.S. labor market is cooling, according to the Federal Reserve Bank of New York’s July 2022 SCE Labor Market Survey released on Aug. 22.
The rate of employees quitting their jobs to work for a different employer fell to 4.1 percent in July compared to 5.9 percent 12 months prior.
The average reservation wage—the lowest pay level that survey respondents said they would be willing to accept for a new job—rose to $72,873, up 5.7 percent from $68,954 the year before.
The July 2022 reservation wage was down slightly from the March 2022 reservation wage of $73,283 reported in the SCE Labor Market Survey from that month. The survey is conducted three times a year….