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U.S. workers see little hope for higher wages: survey
August 22,2017   By:Xinhua

August 22, 2017 -- U.S. employees see little chance for higher paychecks despite the unemployment rate hits the lowest level in 16 years, according to a Federal Reserve survey published on Monday.

The survey conducted by the New York Fed in July painted a gloomy picture for U.S. workers' aspirations when the world's largest economy heads into the ninth year of economic expansion after the global financial crisis.

Respondents on average said that the lowest annual salary they would accept in a new job would be 57,960 dollars, down from 59,660 dollars in March. The New York Fed publishes the report three times a year.

In July, U.S. unemployment rate edged down to 4.3 percent from June's 4.4 percent, the lowest level in 16 years. The wages, however, have only shown modest growth due to tepid economic growth.

The low expectation for wages was seen by economists as a risk for the U.S. economy, which relies heavily on private consumption.