Job Seekers Decline as Unemployment Risk Increases: SCE Labor Market Survey

The Federal Reserve Bank of New York's Center for Microeconomic Data released the July 2023 SCE Labor Market Survey, revealing a decline in the proportion of job seekers compared to a year ago. Satisfaction with wage compensation and nonwage benefits improved, while the average expected likelihood of receiving a job offer in the next four months declined and the average expected likelihood of becoming unemployed increased. The survey also showed an increase in the average expected wage offer and reservation wage. Transitioning to a different employer increased, while the proportion of individuals searching for a job decreased.