Wages are up, but there is still an on-going labor shortage. Workers have adjusted their expectations. The figure below is from a survey from the New York Fed, shows the minimum wage people would need to accept a new job, a reservation wage. It increased for both men and women since the re-opening. But in last month fell a bit for women–though not men. It could be a blip, or now that schools are open and enhanced unemployment benefits have been phased out, some women are willing to settle for less.
Source: New York Fed
Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.
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