A recent survey from the Federal Reserve Bank of New York reveals most people will hop to a new job for a starting salary a little over $73,000 a year.
Despite record high inflation this year, The job market has stayed resilient throughout, putting upward pressure on wages and prices. Employers have added 392,000 jobs a month so far this year, and the unemployment rate is at 3.7%, just off a half-century low, according to the Associated Press.Fed officials have said that to put a significant dent in four-decade high inflation, the unemployment rate needs to be at least 4%. Currently, the unemployment rate stands at 3.
In its updated forecasts, the Fed’s policymakers predicted slower growth and higher unemployment for next year and 2024. The unemployment rate is projected to jump to 4.6% by the end of 2023. That would mark a significant increase in joblessness and typically would reflect a recession, which many economists have predicted, the AP noted.
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