The number of people who reported searching for a job in the past four weeks increased to 28.4%, the highest level in a decade, according to the Federal Reserve Bank of New York’s most recent Labor Market Survey, part of the larger Survey of Consumer Expectations. Among respondents who were employed four months ago, 88% were still with the same employer—a series low. At the same time, the rate of transitioning to a different employer increased to a series high of 7.1%
Among respondents who reported searching for a job, the increase was most pronounced among respondents older than age 45, those without a college degree and those with an annual household income less than $60,000, according to the survey. About one in five respondents reported receiving at least one job offer in the past four months. Satisfaction with wage compensation, nonwage benefits and promotion opportunities at respondents’ current jobs all deteriorated relative to a year ago.
