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☆ Americans are pulling back on their spending, but debt remains top of mind
  + stars: | 2024-01-16 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
The latest Survey of Consumer Expectations Household Spending Survey, which is released every four months, also showed that households expect to spend less in the year ahead. The most recent reading is the lowest since December 2020 and is trending closer to the pre-pandemic reading of 2.4%. Survey respondents said they expected to spend less on everyday essential spending. The spending has kept the economy churning, but it’s also potentially coming at a cost: Americans have relied heavily on debt to make their purchases. As of December 2023, respondents said they’d allocate 38.4% of the unexpected income gain toward paying down debt.
Persons: it’s Organizations: New, New York CNN, Federal Reserve Bank of New, New York Fed, Consumer Locations: New York, Federal Reserve Bank of New York
☆ Companies are cutting salaries for new hires as workers' pay expectations hit record highs
  + stars: | 2023-08-25 | by ( Morgan Smith | ) www.cnbc.com   time to read: +2 min
During the heyday of the "great resignation," workers could expect to see a 20% pay bump from changing jobs. Now, as the job market cools and companies become more cautious with hiring, the big signing bonuses and high salaries new hires once enjoyed are dwindling. Nearly half of the 2,000 employers surveyed by ZipRecruiter in July said they had reduced pay for recent job openings. As businesses cut new hires' salaries, however, jobseekers' wage expectations have hit record highs, according to a Federal Reserve Bank of New York survey released Monday. I've just accepted that I might have less negotiating power than I did two years ago."
Persons: they'd, Matt Dalrymple, he's, Dalrymple, Everyone's, I've Organizations: ZipRecruiter, Federal Reserve Bank of New, CNBC Locations: Federal Reserve Bank of New York, New Jersey, New York
☆ Job seekers want record-high wages — and men expect $25,000 more than women do
  + stars: | 2023-08-21 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +3 min
The higher wage expectations are a reflection of this current moment in the economy and the labor market, said Julia Pollak, chief economist for online job marketplace ZipRecruiter. “It largely explains what we’ve been seeing during this summer of strikes and unions pushing for higher wages; and, of course, wages follow inflation, and part of the reason that workers are expecting higher wages is because prices have risen 17.5% since the pandemic,” she said. Men and college grads demand moreWhile reservation wages rose for workers across the board, some groups’ demands are significantly higher than others: For college graduates and men, the wage floors were $98,644 and $91,048, respectively. Women’s reservation wages set a record as well, but at $66,068 — $12,500 below the average and nearly $25,000 below men’s expectations. “Especially in male-dominated industries, women may just not know what the going rate is and underestimate,” Pollak said.
Persons: they’d, —, Julia Pollak, they’ve, ” Pollak, they’ll, that’s, Nina Roussille, who’s Organizations: Minneapolis CNN, Federal Reserve Bank of New, Massachusetts Institute of Technology Locations: Minneapolis, Federal Reserve Bank of New York, York, Hired.com
☆ Extreme weather is hitting parts of the US. That’s bad news for the economy
  + stars: | 2023-06-27 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
All told, at least a third of the US population is currently grappling with costly extreme weather events. In 2022, extreme weather events cost the United States about $165 billion, according to the NOAA. Sector by sector: Extreme weather impacts the economy writ large, but certain sectors tend to suffer more than others. Agriculture, construction, tourism and renewable energy sectors also tend to feel the brunt of extreme weather events. “We’re really poorly adapted to the extreme weather and climate that we have right now,” said Mankin.
Persons: New York CNN — We’ve, ”, Justin Mankin, Nam, we’ve, Andrew Watterson, Ian, “ We’re, Mark Thompson, it’s, —, Vladimir Putin, Brent, That’s Organizations: CNN Business, Bell, New York CNN, Dartmouth College, Sunday, National Oceanic, Atmospheric Administration, NOAA, Federal Aviation Administration, FAA, Travelers, Southwest Airlines, O'Hare International, Agriculture, Rystad Energy, Western, Federal Reserve Bank of New, Consumer Locations: New York, Texas, United States, Chicago, Florida, Russia, China, India, Russian, Moscow, Federal Reserve Bank of New York
☆ Stock market news: The Fed meets next week. What can investors expect?
  + stars: | 2023-06-11 | by ( Krystal Hur | ) edition.cnn.com   time to read: +7 min
The S&P 500 Index last week entered a bull market, meaning that it notched a 20% rally from its low in October. Moreover, investors appeared calmer than they have in years, after the United States suspended the debt ceiling in time to avoid a default, allowing investors to breathe a sigh of relief. The May Consumer Price Index and Producer Price Index reports, two key inflation prints, are also due the days that the Fed meets. But the United States could still suffer a downgrade to its credit rating, even though it avoided losing its ability to make payments on time. Tuesday: Consumer Price Index report for May and NFIB small business optimism index.
Persons: CNN — Stocks, Price, ”, JJ Kinahan, there’s, Karim El Nokali, Jerome Powell, ” El Nokali, —, Joe Biden, Benjamin Jeffery, Patrick Klein, ” Josh Lipsky, it’s, Olivier d’Assier, “ It’s, George Mateyo Organizations: CNN Business, Bell, CNN, Nasdaq, United, Fed, IG North America, Fitch, AAA, BMO Capital Markets, Franklin, GeoEconomics, International Monetary Fund, Treasury Department, US Treasury, Key Private Bank, Federal Reserve Bank of New York Survey, Consumer, Federal Reserve, Federal, University of Michigan Locations: United States, US
☆ Americans are already starting to pull back on their spending, survey shows
  + stars: | 2023-01-17 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +2 min
Minneapolis CNN —Americans have already started to rein in their spending — and expect to pull back some more this year, according to a Federal Reserve Bank of New York survey released Tuesday morning. Monthly household spending growth, after hitting a series high of 9% in August, fell to 7.7% in December, according to the New York Fed’s latest household spending survey. The drop in spending activity is expected to continue through this year, the survey showed. A slightly larger share of survey respondents also noted that if they were to receive an unexpected 10% pay raise, they would put it toward paying down debt. The retail sales figures are not adjusted for inflation.
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