Lower-income Americans still optimistic about job security
The Federal Reserve may be on a mission to cool the economy, but Americans are still feeling pretty good about their job prospects.
The big picture: The share of adults making less than $50,000 per year who are worried about losing income over the next month hit its lowest point (12.4%) since May 2020, when Morning Consult first began surveying Americans on the topic, according to the latest data out Wednesday morning.
- Survey respondents making $50,000-$100,000, or over $100,000, are also near record lows for job security jitters.
Yes, but: The more vulnerable lower-income group is increasingly worried about covering expenses.
- The share saying they can’t cover a month’s worth of basic costs went up in April, to 34.2%. That’s lower than a few months ago but higher than it's been for most of the past two years.
The bottom line: “People, including low-income workers, are feeling very secure in their current jobs,” but inflation is eating up a larger share of their paychecks, says Morning Consult economic analyst Jesse Wheeler.