ORCL
SNAP
The job-hopping era is taking a nap
The New York Fed’s latest labor market survey shows American workers are in full “better the devil you know” mode. The share expecting to switch employers fell to 9.7%, the weakest reading in five years, while satisfaction with pay and promotion chances hit record lows.
Why you should care
That’s not just a quirky mood swing. When workers stop shopping around, it usually means the labor market is losing some zip. Less mobility can cool wage growth, which is great if you’re fighting inflation — less great if you’re hoping for a sturdy consumer.
AI, uncertainty, and a shrinking menu of options
The article also ties the slowdown to AI-driven restructuring and a general vibe of uncertainty. Snap has already announced roughly 1,000 job cuts, and Oracle is reportedly planning thousands more. So if you’re a worker hunting for your next move, the menu may feel smaller than it did a year ago.
A few details that matter:
- The share actively searching for a job slipped to 22.5% from 23.8% in November 2025
- The average reservation wage climbed to a record $84,762 in March
- Real hourly earnings are only up 1.4% year over year
Big picture: workers want more, openings may be fewer, and both sides of the labor market look a little less cheerful than they did during the post-pandemic job-hopping frenzy.