Worker wage expectations hit a record level in New York Fed survey
The lowest wage workers are willing to accept for a new job increased from $72,873 in July to $73,667 in November, the highest it's ever been in a study from the New York Fed.The labor market has remained hot even as fears of a recession mount, and Fed Chair Jerome Powell has cited it as a key source of persistent inflation the Fed is attempting to rein in.
Federal Reserve Board Chairman Jerome Powell looks on during a news conference following the announcement that the Federal Reserve raised interest rates by half a percentage point, at the Federal Reserve Building in Washington, U.S., December 14, 2022.Fewer workers are searching for jobs, and satisfaction among workers is up, but those are not the key takeaways from the lateston a labor market that continues to be too hot for the central bank's inflation-fighting comfort.
The lowest average wage Americans are willing to accept for a new job increased from $72,873 in July to $73,667 in November, the highest reading ever in the Federal Reserve Bank of New York's Center for Microeconomic SCE Labor Market Survey, released on Tuesday. The level surpassed the $73,283 record reached earlier this year in March, which it had more recently dipped below. The increase was most pronounced for respondents below age 45.
The average expected annual salary of job offers in the next four months also increased, from $60,310 in July to $61,187 in November, also a record for the survey, eclipsing a mark set in March 2021. The New York Fed releases this data online every four months as part of its Survey of Consumer Expectations and released itsThe data is no surprise. Even as the economy cools and risk of a recession grows amid slower rates of business investment and softening consumer demand, Fed Chair Jerome Powell delivered on a message during his FOMC presser last week that resonates in C-suites across the economy: the labor market remains too hot and wage growth too high.
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