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Federal Reserve: Americans don't expect to get paid more

President calls for more earnings growth

jobs
KEYWORDS America / Earnings / Income / Obama / wages
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In the last few months, President Barack Obama repeatedly called for a wage increase for most Americans who are compensated hourly.

In his latest, weekly radio address on Saturday he renewed the calls to give America a raise, by urging private business to lift wages.

According to the Federal Reserve Bank of New York survey of Consumer Expectations, the nation isn't expecting to get a raise anytime soon.

"Median earnings growth expectations remained essentially unchanged at 2.3% from the recent high reached in January (2.4%)," the survey reports.

"Household income and spending growth expectations remained essentially unchanged, as did past and future credit access perceptions," the report states.

However, earnings growth expectations are, in fact, above 2013 levels, but only slightly so, the survey found.

Confidence in the job market eroded slightly.

"The mean perceived chance of finding a job in three months, if one were to lose their current job today, declined slightly to about 46%," the report states.

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