Washington, 20 August 2024 (TDI): Americans are increasingly worried about losing their jobs, a new survey from the Federal Reserve Bank showed on Monday.
The New York Fed’s July survey of labor market expectations revealed that the expected likelihood of becoming unemployed rose to 4.4% on average, up from 3.9% a year earlier and the highest in data going back to 2014.
“In fact, the new data showed signs of the labor market cracking across an array of metrics. People reported losing or leaving jobs, marked down their expectations for salaries and increasingly thought that they would require to work past traditional retirement ages,” the survey noted
The share of workers who reported searching for a job in the past 4 weeks jumped to 28.4%, the highest level since the data started, up from 19.4% in July 2023, it said.
“The survey, which quizzed a nationally representative sample of individuals on their recent economic experience, showed that meaningful fissures may be forming in the labor market,” it added
While it is just one report, it came at a tense moment, as central bankers and economists watch nervously for signs that the job market is taking a turn for the worse, it noted.
