August 23rd 2023.
Amid the rising inflation rates, the New York Federal Reserve has released data stating that Americans are now asking for nearly $10,000 more than the average salary of $69,475 people received over the past four months. In fact, some are even demanding as much as $90,000. But what does inflation have to do with this?
The average inflation rate for the past year has gone over 5%, the highest rate since 1990. This means prices have gone up, and with it, so have the salary expectations of Americans looking for a new job since March 2014.
The survey data has revealed that the average expected annual salary of respondents has increased to $67,416, which is a steep rise from $60,310 in July 2022. People above the age of 45 and college graduates have seen the most substantial change in the expected salary. The lowest wage respondents above 45 are willing to accept for a new job has hit a high of $78,645, which is up from $72,873 in July 2022.
Meanwhile, the average expected likelihood of becoming unemployed has increased to 3.9%, from 2.3% in July 2022 for people below 45 with an annual household income of less than $60K.
The financial situation is particularly difficult for Black Americans, as evidenced by a survey published by Matt Brannon in 2022. The survey found that despite the inflation and economic conditions, Black Americans are making smart financial decisions that are paying off.
For example, Black Americans are 8% more likely to report they are doing better than they were last year compared to average Americans. They are also 7% more likely to say they met their financial goals in 2022, and 58% less likely to be worried about their finances than Americans overall.
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