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2 posts on "Felix Aidala"
May 9, 2024

The Post‑Pandemic Shift in Retirement Expectations in the U.S.

Felix Aidala, Gizem Kosar, and Wilbert van der Klaauw

Photo: woman riding her bike by the water. Text overlay 10 Years Measuring Consumer Behavior and Expectations

One of the most striking features of the labor market recovery following the pandemic recession has been the surge in quits from 2021 to mid-2023. This surge, often referred to as the Great Resignation, or the Great Reshuffle, was uncommonly large for an economic expansion. In this post, we call attention to a related labor market change that has not been previously highlighted—a persistent change in retirement expectations, with workers reporting much lower expectations of working full-time beyond ages 62 and 67. This decline is particularly notable for female workers and lower-income workers.

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Posted at 10:00 am in Expectations, Labor Market | Permalink
December 19, 2022

SCE Labor Market Survey Shows Average Reservation Wage Continues Upward Trend

Felix Aidala and Gizem Kosar

The Federal Reserve Bank of New York’s November 2022 SCE Labor Market Survey shows a rise in the average reservation wage—the lowest wage respondents would be willing to accept for a new job—to $73,667, its highest level since the series began in 2014. Respondents’ satisfaction with wage compensation, non-wage benefits, and promotion opportunities at their current job all improved in November compared to July. Regarding expectations, the average expected wage offer (conditional on receiving one) also increased and reached a new high.

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Posted at 11:00 am in Expectations, Labor Market | Permalink

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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