The Street
  • 3 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why you might be in line for a pay bump next year.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04The Dow kicks off a new week in record territory as investors gear up for an expected interest rate cut by the Federal Reserve.
00:12Investors are pricing in a 63% chance of a half percentage point cut
00:17according to the CME FedWatch tool and only a 37% chance of a quarter percentage point ease. In other news,
00:24it's almost time for your annual sit-down to discuss a raise for next year and a new survey
00:29indicates your paycheck is likely to get bigger. Large corporations expect to boost compensation budgets by
00:363.9% for 2025, which is slightly better than the 3.8% rate for 2024,
00:42but down from the 20-year high of 4.4% in
00:472023. The survey conducted by the Conference Board shows companies understand that in this market
00:53they're going to have to pay up to prevent their best workers from being poached.
00:57A shrinking labor supply is driving businesses to focus on retaining their current workforce,
01:02leading to sustained salary increases and higher real wage growth as inflation moderates, says Conference Board Chief Economist
01:10Dana Peterson. As part of the survey, companies revealed that in order to stay competitive,
01:15they plan to reserve money for paid tweaks throughout the year as well. This includes money for promotions,
01:22counter offers, salary adjustments, role changes, rewards for valuable team members, and other reasons.
01:28That's the good news. The bad news,
01:32employers surveyed said they will be giving out fewer sign-on and retention bonuses than they did during the pandemic years.
01:38By the way, workers are coming out ahead in the battle against inflation.
01:42The annual inflation rate in August was up two and a half percent, while average hourly earnings rose
01:483.8%.
01:50That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with The Street.

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