With the Democratic National Committee having started on Monday, no doubt President Joe Biden and Vice President Kamala Harris are hoping it will distract Americans from what’s been going on for the three-and-a-half years they’ve been in power. But new stats that dropped on Tuesday will bring things back into perspective for tens of millions of Americans who have been struggling throughout the Biden-Harris regime.
In another indication of weakening in the U.S. labor market, a New York Federal Reserve survey released Monday revealed a decline in the number of people reporting employment, an increase in those seeking work, and rising dissatisfaction with wages. The survey, conducted three times a year, highlighted growing concerns about job security and an increase in the number of individuals expecting to work beyond the typical retirement age. Workers continue to seek higher starting salaries but are receiving lower offers.
The results come as the unemployment rate edges higher, with Wall Street and Federal Reserve policymakers closely monitoring these developments for insights into the future of the U.S. economy, CNBC reported. The survey revealed that among those employed during the last survey in March, only 88% retained their jobs, the lowest figure recorded since data collection began in 2014. Additionally, the proportion of those expecting to become unemployed increased to 4.4%, up 0.5 percentage points from the previous year and marking the highest level in the survey’s history.
The percentage of individuals searching for a new job in the past four weeks rose to 28.4%, a 9 percentage point increase from a year ago and another historic high since March 2014. Regarding wages, satisfaction with current compensation fell to 56.7%, a decrease of over 3 percentage points from the same period in 2023. Satisfaction with benefits dropped to 56.3%, down more than 8 points from a year ago, while satisfaction with promotional opportunities declined to 44.2%, down from 53.5% last year. The decline was most notable among women, those without a college degree, and respondents with household incomes below $60,000.
In the past four months, the typical wage offering for full-time jobs has slightly decreased to $68,905. Conversely, the average “reservation wage”—the minimum salary workers are willing to accept for a new job—has risen to $81,147. This figure is up about $2,500 from a year ago but remains just below the record high set in the last survey.
Additionally, the percentage of respondents expecting to work past age 62 has edged up to 48.3%, while those anticipating employment beyond age 67 have increased to 34.2%, up more than 2 percentage points. Although the unemployment rate of 4.3% is relatively low by historical standards, it has been rising recently, raising concerns about potential broader economic impacts. July’s nonfarm payroll growth was a modest 114,000, making the upcoming August report, due in early September, a key point of interest.
Former President Donald Trump has been sounding the alarm about Harris’ extreme economic proposals, which he says will tank the economy even further, describing them and her as Marxist and communist in nature:
Kamala Harris can’t answer how she’d pay for ANY of her new liberal spending schemes that will BANKRUPT our country!
No clue how she’d pay for $25K to every first-time home buyer (including illegals).
No clue how she’d pay for free health care for illegals.
No clue how she’d pay for giving Social Security and Medicare to illegals.
No clue how she’d pay for billions in student loan giveaways.
No clue how she’d pay for the $100T Green New Scam.
No clue how she’d pay for hundreds of billions in new foreign aid giveaways.This is why it’s so important to VOTE TRUMP to stop the reckless spending! With your vote, we will destroy inflation, bring prices down, achieve incredible economic growth, Make America Wealthy Again, and we will bring back the American Dream!
Disclaimer: This article may contain commentary which reflects the author’s opinion.