HUNT VALLEY, Md. (TNND) \u2014 Americans are the least satisfied with their pay right now than they have been since November 2021.<\/p>\n
A new survey shows they don\u2019t seem to have hope of getting a solid raise or job that pays more, so they\u2019re just lowering their expectations.<\/p>\n
The lowest wage on average people would be willing to accept for a new job, according to the New York Federal Reserve, is now $74,236. In December, that number was $82,135.<\/p>\n
Fewer people are saying they\u2019re satisfied with wage compensation, benefits and promotion opportunities. And, fewer people think they\u2019ll get a job offer in the next four months.<\/p>\n
It\u2019s a far cry from the confidence workers had during and in the years after the Covid-19 pandemic. Employees were \u201cquiet quitting<\/a>\u201d and finding jobs that would either pay them more or let them work remotely.<\/p>\n \u201cThe pandemic really upset the proverbial economic applecart,\u201d says Mark Hamrick, a senior economic analyst at Bankrate. \u201cWorkers essentially felt like they owned the world for a while.\u201d<\/p>\n He says much of the data coming out now reflects a normalization of the economy and job market after the era of Zoom calls and supply and demand imbalance.<\/p>\n But it also reflects the conversation swirling about a possible recession. Economists are repeatedly raising their recession odds, citing<\/a> stock market trends, less retail activity, rising unemployment, big businesses cooling off their projections, and consumer sentiment, among other factors.<\/p>\n Much of the uncertainty comes from President Donald Trump\u2019s stop-and-start trade policy<\/a>. He\u2019s gone from sweeping tariffs for pretty much all countries to pausing them and jacking up tariffs on China, one of America\u2019s top trading partners, to claiming countries are coming to the table to make new trade deals and then threatening more.<\/p>\n Tariffs have a direct consumer impact in the form of higher prices (these have an estimated $2,000<\/a>–$3,000<\/a> loss per U.S. household according to multiple studies). They also increase<\/a> manufacturing costs for U.S. companies, prompt retaliation and boycotts, and cause possible stagflation (the combination of slow growth, high unemployment, and high inflation).<\/p>\n Hamrick says this shows in the workplace data.<\/p>\n \u201cI think the main thing that\u2019s on the mind of many workers right now is asking themselves the question, \u2018What happens next?\u2019 And if you don\u2019t have a high degree of confidence about what might be happening next, the next thing you fear is that something bad may happen,\u201d he says. \u201cWe\u2019re going to be in an environment for quite some time where volatility and uncertainty are with us, and that is not consistent with the kind of confidence that people need to have, either to be consumers or be employers who are hiring more people.\u201d<\/p>\n Hamrick says, right now, employers are pretty confident their workers won\u2019t quit, compared to how they likely felt during the pandemic, because in this economy, workers need a sure income. But, he stresses it probably won\u2019t be that way in a few years, calling economic downturns \u201cinevitable parts of economic cycles.\u201d<\/p>\n It\u2019s always a good idea to keep paying down debt, save for emergencies, and pay into retirement, he says.<\/p>\n But what do these sorts of pessimistic attitudes mean about the productivity and efficiency of the companies themselves?<\/p>\n Hamrick says it\u2019s up to the employers \u2013 and employees \u2013 themselves.<\/p>\n \u201cThere\u2019s no doubt about the fact that the macro economy plays a role in satisfaction, or perhaps confidence that our careers will move along either a constructive or steady path,\u201d he says. \u201cBut there\u2019s a great deal that individuals and organizations can do to affirm all of that.<\/p>\n \u201cI think that it\u2019s prudent for workers to think about the fact that, whether they might be a few or more years away from retirement, you have to show up.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"HUNT VALLEY, Md. 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