The big resignation It may be dwindling, but workers are still looking for a raise.
Since April of last year, people have searched for jobs that pay $20 an hour more than they searched for jobs that pay $15 an hour, according to a new report. Analytics From Indeed’s Recruitment Lab. This is a change from 2019 and 2020, when job searches on Indeed that mentioned “$15” outnumbered those that mentioned “$20”.
Over the past year, searches for jobs with wages of $20 an hour have increased by more than 35%, while searches for $15 wages are down more than 57%, according to Indeed data. The portion of searches done in the hopes of finding a wage of $25 an hour has also gone up.
In her analysis, economist Anne Elizabeth Kunkle attributed the change to two factors: hourly wage gains, which hit 5.9% last month, and higher prices for daily necessities such as grocery shop And the Gas.
“Once job seekers know that a higher wage is possible, their expectations may change and act as a pull factor in their search for a higher dollar amount,” Konkel writes. At the same time, she added, inflation has raised the cost of almost everything, prompting workers to seek higher wages.
Hourly employees aren’t the only ones looking to get paid big. Scan data A release last week by the Federal Reserve Bank of New York showed that the average holding wage – the lowest salary a person is willing to accept for a new job – It rose to $72,873 in July from $68,954 the year before.
Hourly workers get a raise, but inflation swallows up their pay
federation lowest wages It’s still only $7.25 an hour (and it’s been stuck there since 2009). But relatively few employees earn that little. According to the US Bureau of Labor Statistics, only 1.4% of all hourly workers They earned the federal minimum wage or less in 2021. However, costs have gone up so much and vary so much across the country that even workers earning more than $7.25 an hour suffer.
The majority of states and many cities and counties have now enacted minimum wages above $7.25, and a report from the National Labor Code found that 44 cities and counties would have a minimum wage Exceeding $15 an hour For at least some workers by the end of 2022.
Some states and cities also have inflation-related minimum wage rules. As a result, more than a dozen states will see automatic increases in 2023, According to Bloomberg Law.
Not to mention the recent increases in the private sector, many of which came in the wake of the coronavirus pandemic as the labor market tilted in favor of workers. Big employers like Amazon, Target, Costco, and hobby lobby Raise the minimum wage to $15 an hour or higher — even in states where the minimum wage is much lower — to attract employees and maintain competition.
And new laws could push wages higher: This week, the California Senate passed a bill that would allow a new council to set wages for fast food workers up to $22 an hour next year. The California governor has yet to sign the bill into law, and it remains unclear whether he intends to do so.
To celebrate our 50th anniversary, we’ve combed our print magazines through decades to find hidden gems, great stories, and vintage personal financial advice that has stood the test of time. Dive into the archives with us.
© Copyright 2021 Advertising Practitioners, LLC. All rights reserved.
This article originally appeared Money.com They may contain affiliate links for which Money will be compensated. The opinions expressed in this article are those of the author alone, not those of a third party, and have not been reviewed, approved, or otherwise endorsed. Offers may be subject to change without notice. For more information, read Full disclaimer for money.
The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.