Federal Government Policy and Business

U.S. workers have low hopes for higher pay: Fed survey

Reuters: NEW YORK (Reuters) - U.S. workers see little hope for higher paychecks, and while they are increasingly searching for new jobs, they expect fewer offers to fall into their laps, according to a Federal Reserve survey published on Monday.

The first-of-its-kind New York Fed study, to be published three times per year, paints a gloomy picture of U.S. workers' aspirations. Even though the unemployment rate, at 4.4 percent, is near a 16-year low after more than eight years of economic recovery, national measures of wages have shown only modest growth.

Survey respondents on average said in July that the lowest annual salary they would accept in a new job would be $57,960, down from $59,660 only four months earlier. This measure has declined since November, with most of the changes coming from older and higher-income Americans.

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