Finding a job can be difficult but getting a coveted salary to start a position with a company is also challenging.
The Federal Reserve Bank of New York released a survey Dec. 19 polling people to determine an adequate salary they would require to leave for a new job. New York Fed's Survey of Consumer Expectations (SCE) is an ongoing survey that polls 1,000 people to ask them about their current job and job search efforts and outcomes, according to the agency's website.
Respondents in the survey consist of people who are employed, unemployed, and out of the workforce. The survey also collected data based on demographic information, including age, gender, and educational background.
Based on the results, the minimum salary most Americans would be willing to start a new job is $73,700 annually, according to the Federal Reserve Bank of New York survey.
The survey also reflects salary demands for people in specific age demographics. Individuals 45 years old or younger would leave a job if the salary is $79,389 compared to people 45 and older, who would want $68,779 annually.
Job market steady amid inflation
Despite record high inflation this year, The job market has stayed resilient throughout, putting upward pressure on wages and prices. Employers have added 392,000 jobs a month so far this year, and the unemployment rate is at 3.7%, just off a half-century low, according to the Associated Press.
Fed officials have said that to put a significant dent in four-decade high inflation, the unemployment rate needs to be at least 4%. Currently, the unemployment rate stands at 3.7%, just above a half-century low.
In its updated forecasts, the Fed’s policymakers predicted slower growth and higher unemployment for next year and 2024. The unemployment rate is projected to jump to 4.6% by the end of 2023. That would mark a significant increase in joblessness and typically would reflect a recession, which many economists have predicted, the AP noted.
The Associated Press contributed to this story. This story was reported from Washington, D.C.