The proportion of individuals who reported searching for a job in the past four weeks declined to 22.5 percent from 23.8 percent in November 2025. The decrease was most pronounced for respondents younger than age 45 and women.

• Satisfaction with wage compensation, nonwage benefits, and promotion opportunities declined by 3.3, 0.6, and 3.1 percentage points (ppts), respectively. Satisfaction with wage compensation and promotion opportunities are both the lowest since the start of these series in March 2014.
• The expected likelihood of moving to a new employer declined by 1.4 ppts to 9.7 percent, the lowest value since March 2021. The decline was driven by those without a college degree.
• The average reservation wage—the lowest wage respondents would be willing to accept for a new job—increased to a series high of $84,762 in March. This increase was most pronounced for men and respondents with a college degree.

According to the November 2025 SCE Labor Market Survey, among those who were employed four months ago, 3.7% transitioned into unemployment (highest since March 2024), 2.4% transitioned out of the labor force, and 4.4% moved to a new employer.

• The proportion of individuals who reported searching for a job in the past four weeks declined to 23.8% in November from 25.4% in July.

• The average expected likelihood of receiving at least one job offer in the next four months continued its declining trend and reached 18.3%, the lowest since March 2021.
• The average expected likelihood of working beyond age 62 increased by 1.4 percentage points (ppts) to 50.4%. The likelihood of working beyond age 67 edged up by 2.1 ppts to 35.6%—the highest reading since March 2020.

The July survey showed that 87.1% of respondents were still employed after four months, the lowest share since July 2020, indicating some softening in job stability.

• Satisfaction with wage compensation declined to 53.7%, a new series low, while satisfaction with promotion opportunities also fell.

• In contrast, satisfaction with nonwage benefits improved during the period.

• The expected likelihood of receiving a job offer in the next four months declined to 18.8% (from 19.3% in March), marking the third consecutive decrease.

• The average reservation wage rose to $82,472, the highest since the series began in 2014, with gains seen across all age, education, and income groups.

• Satisfaction with wage compensation, nonwage benefits, and promotion opportunities declined by -1.1, -1.2, and -1.7 ppts, respectively, in March. Satisfaction with wage compensation is at its lowest level since November 2021.
• The average expected likelihood of receiving at least one job offer in the next four months decreased to 19.3% from 20.9% in November 2024, the lowest since July 2023.

• The average reservation wage—the lowest wage respondents would be willing to accept for a new job—sharply retreated to $74,236 from a series high of $82,135 in November. This decrease was most pronounced for men and respondents over age 45.

• The average expected likelihood of working beyond age 62 declined to 47.3% in March 2025. The average expected likelihood of working beyond age 67 also declined, to 31.6%.