DISTILL CEO Neely Tamminga talks about whether the Fed has been restrictive enough in making money to control inflation.
new report from new york federal reserve The minimum wage that American workers say they are willing to accept to take a new job hit a record high last month.
So-called pending wages averaged $81,822 in March, up from $73,391 in the previous report in November 2023, according to the New York Fed’s regular survey of consumer expectations.
The New York Fed said the increase was most pronounced among men, respondents under 45, and people with disabilities. household income Over $60,000.
The survey also found that satisfaction with wages and non-wage compensation decreased by 3.1 points and 3.7 points, respectively, in March, while workers’ satisfaction with promotion opportunities remained unchanged.
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U.S. workers are seeking record wages to change jobs, new data from the New York Fed shows. (Eric Thayer/Bloomberg via Getty Images/Getty Images)
New York Fed Data Tracking reservation wage request The company has been on a steady upward trend as inflationary pressures and a tight labor market continue to impact the economy.
Despite workers demanding higher wages, the New York Fed found that employers are offering lower starting salaries than in recent months, with the average offer up from 79,160 in November last year. against the dollar, it was $73,668 in March.
Expectations about the likelihood of a current employer matching an external job offer fell to 24.8%, the lowest level since July 2021.
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More than 25% of individuals reported looking for work in the past month, the highest number since March 2014. (Reuters/Andrew Kelly/Reuters Photo)
The percentage of individuals who reported looking for a job in the past four weeks increased from 23.1% in November 2023 to 25.1%. This figure is his highest reading since March 2014, and this increase was primarily driven by men, i.e. respondents aged 45 and over. and workers without college degrees.
The percentage of respondents is as follows: looking for new job 18.5% reported receiving at least one offer, down slightly from 20.4% in November. Of the 18.5% figure, just over half, 9.4%, reported receiving one offer and 4.5% reported receiving two offers.
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Federal Reserve Chairman Jerome Powell said Fed policymakers will closely monitor economic data as they consider the possibility of lowering interest rates this year. (Samuel Corum/Getty Images/Getty Images)
The report also found that the average likelihood of working beyond age 62 fell to a new low of 45.8% in March, while the average likelihood of working beyond age 62 also fell. Working after age 67 It also fell to 31.2%.
The inflation rate has slowed since the high point in June 2022, when the consumer price index reached 9.1% year-on-year, falling to 3.5% as of March 2024.
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But minutes from the Fed’s most recent meetings show that policymakers are concerned that inflation is showing signs of accelerating again, potentially undermining progress toward implementing the Fed’s policy. Indicated. 2% inflation target.
FOX Business’ Megan Henney and Reuters contributed to this report.
