More than 28% of Americans are searching for new jobs — the highest rate in a decade
A new labor market survey shows Americans have rarely felt more in need of new job opportunities — an indication of a more negative outlook about the economy despite other data that suggests a more stable picture.
A new labor market survey shows Americans have rarely felt more in need of new job opportunities — an indication of a more negative outlook about the economy despite other data that suggests a more stable picture.
The New York Federal Reserve's latest poll of consumers found 28.4% of respondents were looking for a job — the highest reading since March 2014 and up from 19.4% a year ago. That includes both individuals already out of a job and ones currently employed but seeking new roles.
The readings, from the New York Fed's thrice-annual Survey of Consumer Expectations Labor Market Survey, add to evidence that the U.S. economic outlook is worsening, even as some economists dial back their odds of a recession. While the unemployment rate remains relatively low at 4.3%, it is up from its post-pandemic low of 3.5%.
After a period of booming post-pandemic growth — tempered by surging inflation — signs continue to mount that the U.S. economy is entering a significantly softer period.
"The vibes have gotten worse," said Guy Berger, director of economic research at the Burning Glass Institute, a labor research group.
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