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Americans’ view on labor markets soured in March as respondents to a Federal Reserve Bank of New York survey sharply trimmed back the payrate they said would get them to take a new job.
The bank reported as part of its Survey of Consumer Expectations that the so-called reservation wage for a new job fell to $74,236 last month, versus the series high of $82,135 seen in November data. The survey found the lowered wage expectation was driven by men and workers over the age of 45.
The willingness of workers to accept lower pay for a job comes amid a notable fraying in consumer attitudes seen in a number of surveys done since the start of the Trump administration. Consumers have reported rising anxiety about the outlook and near-term inflation as President Donald Trump has launched a global trade war while at the same time working to eviscerate the federal government.
A number of economists now believe the probability is strong that a recession will strike the economy at some point, while Fed officials have said they expect to see inflation and unemployment rise and growth slow markedly in the wake of the president’s actions.
The New York Fed survey found respondents reporting declining satisfaction with job pay, benefits and promotion opportunities. The bank noted contentment with wage compensation was at its lowest point since November 2021.
In March, households also trimmed versus November what they saw as the likelihood they’d get at least one job offer over the next four months. Respondents also pulled back on expectations they’d have to work in their older years.
(Reporting by Michael S. Derby; Editing by Chizu Nomiyama)
