"Rising Expectations: Job Seekers Demand $80K Minimum Salary"

The lowest wage American workers are willing to accept for a new job has reached a record high, with the average "reservation wage" hitting $78,645 in Q2 2023, an 8% increase from the previous year. Workers over the age of 45 saw the most significant year-over-year increase. Those with a college degree expect a minimum annual salary of $98,600, while those without one won't accept less than $63,300. The tight labor market, known as the "Great Resignation," has allowed workers to demand better wages, conditions, and hours. However, rapid wage growth has contributed to high inflation. The Federal Reserve has warned about the risks of substantial pay increases and a potential wage-price spiral. Despite this, signs of a cooling labor market are emerging as employers added the lowest number of jobs in two years in July.