DISTILL CEO Neely Tamminga discusses whether the Fed has been restrictive enough to rein in inflation on Making Money.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
A new report from the New York Federal Reserve<\/u> found that the lowest wage that American workers said they’re willing to accept to take a new job reached a record high last month.<\/p>\n
The so-called reservation wage was an average of $81,822 in March, a substantial increase from the $73,391 seen in the last report in November 2023, according to the New York Fed’s regular Survey of Consumer Expectations.\u00a0<\/p>\n
The New York Fed said the rise was most pronounced for men, respondents aged 45 and under and those with a household income<\/u> above $60,000.\u00a0<\/p>\n
It also found declining satisfaction with wage and non-wage compensation in March, which declined by 3.1 and 3.7 percentage points, respectively, while workers’ satisfaction with promotion opportunities remained steady.<\/p>\n
RETAIL SALES UNEXPECTEDLY JUMP EVEN AS HIGH INFLATION STIRS BACK TO LIFE<\/u><\/strong><\/p>\n American workers are seeking record wages to change jobs, new NY Fed data shows.<\/span> (Eric Thayer\/Bloomberg via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n New York Fed data tracking reservation wage demands<\/u> has been on a steady upward trend amid the inflationary pressures and labor market tightness that continue to impact the economy.<\/p>\n Despite the higher wages sought by workers, the New York Fed found that employers were offering lower starting wages than they have in recent months, with the average offer at $73,668 in March compared to $79,160 last November.<\/p>\n Expectations around the likelihood that a current employer will match an outside job offer fell to 24.8%, its lowest level since July 2021.<\/p>\n FED OFFICIALS WORRIED INFLATION PROGRESS IS STALLING, MEETING MINUTES SHOW<\/u><\/strong><\/p>\n Over 25% of individuals reported searching for a job in the past month, the highest reading since March 2014.<\/span> (Reuters\/Andrew Kelly \/ Reuters Photos)<\/span><\/p>\n<\/div>\n<\/div>\n The proportion of individuals who reported searching for a job in the past four weeks rose to 25.1%, up from 23.1% in November 2023. That figure was the highest reading since March 2014 and the increase was primarily driven by men, respondents over age 45 and workers without a college degree.<\/p>\n The percentage of respondents who are searching for a new job<\/u> and reported receiving one or more offers dipped slightly to 18.5% from 20.4% in November. Of the 18.5% figure, a little more than half, 9.4%, received one offer while 4.5% reported receiving two job offers.<\/p>\n US ECONOMY ADDS 303K JOBS IN MARCH, MUCH STRONGER THAN EXPECTED<\/u><\/strong><\/p>\n Federal Reserve Board Chairman Jerome Powell has said Fed policymakers will monitor economic data as they weigh potential interest rate cuts this year.<\/span> (Samuel Corum\/Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n The report also found that the average expected likelihood of working beyond age 62 declined to a new low of 45.8% in March, while the average expected likelihood of working past age 67<\/u> also fell to 31.2%.<\/p>\n Inflation has waned from the high of June 2022, when the consumer price index reached 9.1% year-over-year, having declined to 3.5% as of March 2024.\u00a0<\/p>\n GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/p>\n However, the minutes from the Federal Reserve’s most recent meeting showed that policymakers are concerned that inflation has shown signs of accelerating again, which could undermine progress towards the Fed’s 2% inflation target<\/u>.<\/p>\n FOX Business’ Megan Henney and Reuters contributed to this report.<\/i><\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":" [ad_1] DISTILL CEO Neely Tamminga discusses whether the Fed has been restrictive enough to rein in inflation on Making Money. A new report from the New York Federal Reserve found that the lowest wage that American workers said they’re willing to accept to take a new job reached a record high last month. The so-called …<\/p>\n","protected":false},"author":1,"featured_media":36260,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/36258"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=36258"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/36258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/36260"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=36258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=36258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=36258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"A](\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2024\/02\/931\/523\/job-fair-3.jpg?ve=1&tl=1\")
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