Over the past two years, Americans were leveraging their current jobs for more pay with competing firms, part of the Great Resignation across the nation. According to the Federal Reserve Bank of New York’s July 2022, Labor Market Survey released on Monday, more Americans are staying at their current firms as the rate of employees quitting their jobs to work for another company fell to 4.1 percent in July compared to 5.9 percent 12 months prior.

The reservation wage has increased to $72,873, which is up 5.7 percent from last year; Although employees are earning more this year, statistics show that satisfaction with current wages declined by 2.23 percent from last year. This could mean that employees are getting paid more but are increasingly unsatisfied because they may be working longer hours or finding it difficult to find personal time as they adjust to working from home.