Janet Yellen arrives in Beijing on a mission to find common ground for the US and China |usa4world

US Treasury Secretary Janet Yellen arrived in Beijing on Thursday on a four-day visit aimed at…

Few women will be surprised to learn that even when wives earn about the same as their husbands or more, a new Research study finds that they still spend more time on housework and child care, while their husbands spend more time on paid work and leisure.

“Even as financial contributions have become more equal in marriages, the way couples divide their time between paid work and home life remains unbalanced,” Servey noted.

So who’s earning what?

It found that in 29% of heterosexual marriages today, women and men earn about the same (roughly $60,000 each). “Husbands in egalitarian marriages spend about 3.5 hours more per week on leisure activities than wives do. Wives in these marriages spend roughly 2 hours more per week on caregiving than husbands do and about 2.5 hours more on housework,” the study notes.

In 55% of opposite-sex marriages, men are the primary or sole breadwinners, earning a median of $96,000 to their wives’ $30,000.

Meanwhile, in 16% of marriages the wives outearn their husbands as the primary (10%) or sole breadwinner (6%). In these marriages women earn a median of $88,000 to their husbands’ $35,000.

Of all of these categories, the only one in which men are reported to spend more time caregiving than their wives is when the woman is the sole breadwinner. And the time spent per week on household chores in those marriages is split evenly between husbands and wives.

In all instances, it’s a big change from 50 years ago — when, for instance, husbands were the primary breadwinner in 85% of marriages.

Today, which women are most likely to be the primary or sole breadwinners can vary by age, family status, education and race.

For instance, it found Black women are “significantly more likely” than other women to earn more than their husbands. For instance, 26% of Black women bring home more than their husbands, while only 17% of White women and 13% of Hispanic women do.

But Black women with a college degree or higher and few children at home are also among the most likely to earn about the same as their husbands.

These numbers are reported against a backdrop of society’s attitudes about who should earn more and how caregiving should be divvied up between spouses.

Nearly half of Americans (48%) in survey said husbands prefer to earn more than their wives, while 13% said men would prefer their wives earn about the same as them.

What do women want? Twenty-two percent of Americans said most women want a husband who earns more, while 26% said most would want a man who earns about the same.

Meanwhile, when it comes to having a family, 77% said that children are better off when both parents focus equally on their job and on taking care of the kids. Only 19% said children are better off when their mother focuses more on home life and their father focuses more on his job.

The study is based on three data sources: earnings data from the US Census’ Current Population Survey; data from the American Time Use Survey and a nationally representative survey of public attitudes among 5,152 US adults conducted in January.

The U.S. dollar strengthened on Thursday after the Federal Reserve left borrowing costs unchanged but signaled further rate hikes to come as attention turned to the European Central Bank policy announcement later in the day.

The Fed’s policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot, showed policymakers expect two more increases by the end of 2023. Powell said rate cuts in 2023 would not be appropriate.

“Fed delivered a hawkish skip,” said Mohit Kumar, chief financial economist Europe at Jefferies.

“The revision to the dot plots was more hawkish than our expectations as we had expected an upgrade to reflect one more possible hike.”

The dollar index, which measures the currency against a basket of currencies, rose 0.3% to 103.26, recovering from a four-week low of 102.66 on Wednesday.

The market’s attention is now turning to other central bank decisions late this week, with the ECB policy announcement on Thursday before the Bank of Japan on Friday.

The euro was last down 0.1% versus the dollar at $1.0819 after touching a four-week high of $1.0865 on Wednesday.

Money market traders are expecting the ECB to raise the deposit rate by 25 basis points, with a further quarter-point hike seen in July.

“Markets will be looking for communication on the balance of risks and whether there’s a need for further rate hikes, but we think the potential for big market moves is much smaller than it has been for recent ECB decisions,” said Kristoffer Kjær Lomholt, head of FX and corporate research at Danske Bank.

“Our preference is for the US economy to do better than the euro zone … and hence the dollar looks like a more attractive currency to buy compared to many other currencies, including the euro,” Lomholt added.

The Bank of Japan follows on Friday when it is expected to maintain its ultra-dovish stance and yield curve control settings.

“We don’t expect changes to yield curve control at tomorrow’s meeting, but we think we are getting closer to that policy shift,” Danske Bank’s Lomholt said.

The yen plunged 1% to 141.50 per dollar, a level not seen since Nov. 23 last year, with analysts on the lookout for further signs of currency intervention.

“Dollar-yen is at year highs and markets are increasingly beginning to talk about whether a further rise could trigger the BoJ to verbally and also effectually intervene in the FX market,” Lomholt added.

Japan’s top government spokesperson said on Thursday that volatile currency market moves were undesirable and the authorities would take “appropriate” action as needed.

The kiwi dollar sank 0.5% to $0.6177 after data showed New Zealand’s economy slipped into a technical recession in the first quarter, putting further rate hikes in doubt.

China’s offshore yuan touched 7.1916 per dollar, the weakest since November, after the People’s Bank of China (PBOC) cut the borrowing cost of its medium-term policy loans for the first time in 10 months. It was last at 7.1595 per dollar.

That followed a reduction in the PBOC’s short-term policy lending rate on Tuesday and analysts widely expect a cut in the country’s benchmark rates next week.

“Following the rate cut from earlier this week, there’s a lot of expectation for more wide-ranging stimulus to shore up the economy,” said Bank of Singapore currency strategist Sim Moh Siong.

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