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Workers want $78K to start a job: What it reveals about the job market

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Workers want to make at least $78,000 when they start a job, according to a New York Federal Reserve survey. BMO Wealth Management U.S. Chief Investment Officer Yung-Yu Ma explains that there is a 'lag effect' and that a lot of employee expectations are based on what has happened in the past, while companies are looking ahead and seeing a slowing economy. 'We have a little bit of a mismatch right now, but it is indicative of the labor market gradually coming into somewhat more of a balance,' Ma says. 

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The union representing 340,000 UPS workers said Tuesday that its members voted to approve the tentative contract agreement reached last month, putting a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide. The Teamsters said in a statement that 86% of the votes casts were in favor of ratifying the national contract.

 

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