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☆ The pandemic has changed when Americans expect to retire
▼ + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.

Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ Sino Ocean: China property woes deepen as a big developer suspends debt payments
▼ + stars: | 2023-09-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A major Chinese property company has suspended offshore debt payments, deepening turmoil in the beleaguered sector. Property sales by floor area dropped 7.1% in the January to August months, compared to the first eight months of 2022. On Thursday, Moody’s downgraded its outlook for the overall sector, citing a downturn in residential sales and continued jitters about the health of the industry. In June and July, nationwide property sales fell around 20% compared to the same period a year before, it said in a report. This reversed “the 11.9% growth for the first five months, reflecting renewed weakness in residential property,” the agency added.

Persons: Houlihan Loukey, Sidley Austin, Moody’s, — CNN’s Juliana Liu Organizations: Hong Kong CNN, Hong, National Bureau, Statistics, China SCE Group Locations: China, Hong Kong, Sino, Beijing

[1/4] A helicopter makes a water drop over the Bobcat Fire burning near Mount Wilson in the Angeles National Forest, near Los Angeles, U.S., September 23, 2020. REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsSept 1 (Reuters) - The U.S. government on Friday sued Southern California Edison, accusing the Edison International (EIX.N) unit of negligence that caused the 2020 Bobcat Fire, which burned close to 180 square miles (466 sq km) in one of the largest wildfires ever in Los Angeles County. It is common for utilities to be sued over wildfire damage, though many lawsuits are filed privately. The case is U.S. v Southern California Edison Co et al, U.S. District Court, Central District of California, No. Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Mario Anzuoni, Reggie Kumar, Jonathan Stempel, Jonathan Oatis, Sandra Maler Organizations: Angeles National Forest, REUTERS, U.S, Friday, Southern California Edison, Edison International, SCE, Service, underwood, Pacific Gas &, Court, District of, Thomson Locations: Mount Wilson, Los Angeles , U.S, Los Angeles County, Los Angeles, San Gabriel, California, U.S, District, District of California, New York

☆ The average job applicant says they won't accept a role paying less than about $80,000 a year
▼ + stars: | 2023-08-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

The reservation wage is the lowest salary at which a job applicant will accept a new role. A recent survey found that the average reservation wage has risen to nearly $80,000. That's a record high — and shows that while the job market has slowed, workers may still have the upper hand. The results, which reflect the responses of 1,000 people nationwide, show that the average reservation wage — the lowest wage at which someone would accept a new job — was $78,645 as of July. That's an almost $6,000 jump from the average reservation wage reported in July 2022.

Persons: That's, —, It's, Nick Bunker, that's, Yolanda M, Owens, she's Organizations: Service, SCE Labor Market Survey, North America Locations: Wall, Silicon, New York

☆ Workers in the US now want at least $76,000 to start a new job as minimum wage expectations continue to rise in a red-hot job market
▼ + stars: | 2023-04-19 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Employees' wage expectations have risen to $76,000 a year, according to a New York Fed survey. The rise in expected salary levels comes at a time of historically low unemployment rates in America. Those with a college degree raised their reservation wage expectations by about $5,000 to over $97,000. The rise in expected salary levels makes sense, as it comes at a time of historically low unemployment rates in America. This, in turn, leads to employees upping their salary expectations to combat inflation's erosive effects.

☆ A leading fund manager warns that regional banks could cause 'financial Armageddon' — unless the government makes 2 crucial moves immediately
▼ + stars: | 2023-03-19 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

Financial stress stemming from Silicon Valley Bank's collapse could spread, a top fund manager said. But that in itself is becoming an under-the-radar issue, he noted, as large banks' strength is now coming at the expense of regional banks — even those without issues. Since most regional banks aren't classified as "systemically important," their clients would be out of luck in the event of a bank failure, Hatfield noted. Unless the FDIC insures all deposits at all banks, Hatfield said that there will be no reason to put money in a non-protected regional bank. So they'll have a negative interest margin, they'll lose money, they'll get downgraded, and they'll go out of business."

☆ Worker demands for more money on the job hit a record level, a New York Fed survey finds
▼ + stars: | 2022-12-20 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

The level surpassed the $73,283 record reached earlier this year in March, which it had more recently dipped below. The continued strength in the labor market will will put pressure on companies to keep using price as a lever to make back some of the margin lost to labor costs. This approach to offering more pay doesn't tie them into salary increases which can't be easily reversed, and also does not factor into the wage inflation trend for long. But for now Powell is stuck with a labor market that isn't relenting to Fed policy as quickly as hoped. "We do see a very, very strong labor market, one where we haven't seen much softening, where job growth is very high, where wages are very high.

☆ With inflation still elevated, a recession looming, and workers still in short supply, the minimum salary people will accept right now is almost $74,000
▼ + stars: | 2022-12-20 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +6 min

That's according to average reservation wage results from the New York Fed's SCE Labor Market Survey. The average reservation wage in November 2022 was $73,667, 4.7% higher than the average a year earlier. Prices are soaring, the labor market is still hot, and some small businesses are having a hard time filling openings. The average reservation wage from March 2020 to November 2022 climbed more for employed people, compared to peers who aren't working. The record reservation wage also backs up what economic data has continually shown: The labor market doesn't seem too worried about a recession.

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