Job satisfaction has fallen to a record low in the United States, according to the New York Federal Reserve’s SCE Labor Market Survey released on Tuesday, with workers reporting the weakest appetite for switching employers since 2021.
The share of workers expecting to move to a new employer fell to 9.7%, the lowest in five years. Satisfaction with wage compensation and promotion opportunities both hit their lowest levels since the survey began in 2014.
The number actively searching for a job also slipped, declining to 22.5% from 23.8% in November 2025, with the steepest pullback among workers under 45 and women.
Nowhere To Go
Workers without a college degree drove the pullback in job mobility. Yet workers are not willing to move cheaply. The average reservation wage rose to a series high of $84,762 in March, the largest increases coming …
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