Workers have never been more dissatisfied with their pay or their ability to get ahead, but the likelihood of moving to a new employer is at multiyear lows.

The big picture: Those are the bleak findings from a New York Federal Reserve Bank survey, which showed a plummet in job satisfaction.

• Switching jobs is often the fastest route to a raise or a promotion, but with nationwide hiring at historically low levels, that path has all but disappeared.

By the numbers: The share of workers who said they were satisfied with wage compensation fell 3.3 percentage points, to 52.3% in March, the smallest share in the survey's 12-year history.

• The New York Fed surveys consumers' labor market expectations every four months.
• A related indicator, which measures workers' satisfaction with promotion opportunities, fell to a level similar to the lowest on record.
• The only satisfaction gauge above record lows: non-wage benefits.

The intrigue: Even as dissatisfaction rises, workers are less likely to switch jobs — the share who expect to find a new employer in the next four months fell to 9.7%, the lowest since March 2021.

What they're saying: With major economic and political uncertainty — as well as the threat of AI changing the American workforce — workers can feel stuck. That makes stability in an unhappy job more attractive and risk scarier, says Norman Bishara, business law and ethics professor at U of M's Ross School of Business.

• Policy and legal solutions aren't keeping pace with the AI-driven job displacement that could be on the way, Bishara tells Axios.

The other side: Meanwhile, per the survey, workers assigned slightly lower odds of being fired in the next four months — about 3.4%, down two ticks from February.

• Workers are still bidding up pay expectations. The lowest wage respondents would be willing to accept for a new job hit a survey high in March, an increase driven by male workers and respondents with a college degree.

DTE Electric filed for a $474 million rate hike Tuesday, two months after the state approved a $242 million rate increase that took effect in March.

Why it matters: Michigan's largest utilities can seek rate hikes once a year, setting up a near-annual cycle that affects millions of customers.

State of play: The request to the Michigan Public Service Commission begins a 10-month review known as a "rate case," per MLive, meaning new rates would take effect in 2027.

• DTE, which serves about 2.3 million customers in southeast Michigan, says the increase — 9.7% monthly for the typical residential customer — is needed to improve grid reliability and move toward clean energy sources.

Yes, but: Regulators often approve smaller increases than utilities request.

• DTE's last hike was cut from a $574 million request to $242 million, which raised the average customer's monthly bill by 4.6%.

The intrigue: DTE says this could be its last rate request until 2028 — but only if a large data center project in Saline Township is built by the end of next year as planned and the utility secures "other regulatory approvals," such as this week's rate case, MLive reported.

What they're saying: Attorney General Dana Nessel said she'll challenge the request, calling the conditional pause on future hikes insufficient.

• "DTE only offers a break in rate hikes if they win some other, unnamed data center approvals," Nessel said in a statement.

💬 U.S. Senate candidate Mallory McMorrow deleted thousands of old tweets, including ones where she mocked the rural parts of the Midwest. Tweets also show she voted as a resident of California after 2014, the year she previously said she relocated permanently to Michigan.

• McMorrow's campaign says deleting old tweets is standard and that the move was a long process. (CNN 🔒)

🌉 Safety testing is nearing completion for parts of the Gordie Howe International Bridge, according to the engineering consulting firm working on it. (CBC)

🏗️ Local developer Sterling Group and Detroit's convention center authority are planning a second hotel connected to Huntington Place downtown. It would require demolishing an entire city block, including a 16-story building built in 1969. (Crain's 🔒)

🍋‍🟩 Southwest Detroit's annual Cinco de Mayo Parade is Sunday, noon-3pm, along West Vernor Highway from Patton Park to Clark Park.

• Other family-oriented Cinco de Mayo events this weekend include a 5K fun run and other local celebrations.

🐟 Bait your hook at Riverfront Fish Fest, a family-friendly event where kids can learn about the world of fishing and, specifically, the lives of sturgeon.

• Saturday, 10am-2pm, at Milliken State Park.
• Free!

🏺 Peruse Pewabic's student sale, featuring ceramic work from the pottery's educational programs.

• Saturday, 10am-5pm.

🏇 Watch the Kentucky Derby on Saturday at a local watch party.

• Batch Brewing in Corktown is serving mint juleps and other standard derby fare starting at noon.
• The Godfrey's rooftop lounge has a special cocktail menu planned with the race on the big screen. Tickets, $50.

Free Comic Book Day, Vinylfest and more

Cade Cunningham scored a franchise playoff-record 45 points in last night's 116-109 win over the Orlando Magic at LCA.

Why it matters: The Pistons kept their season alive and forced a Game 6 on Friday in Orlando.

• The Magic lead the series 3-2.

Orlando's Paolo Banchero also scored 45, going toe-to-to with Cunningham in a duel of No. 1 draft picks.