More workers expect to lose their jobs in the coming months, survey finds
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New survey data shows an elevated share of workers are looking for jobs alongside rising expectations of unemployment in the months ahead.
Why it matters: Economic data suggests the job market is softening. Consumers' expectations about the health of the labor market are following suit.
By the numbers: The share of workers who looked for a job in the last month rose to 28% in July, according to a survey from the Federal Reserve Bank of New York of consumer labor market expectations. That is the largest share since 2014 and a nearly 10 percentage point jump from the same time a year ago.
- That came alongside other indications that consumers felt less confident about job market opportunities. Among those with jobs, the average expected likelihood of becoming unemployed rose to 4.4% — the highest since the series began in 2014.
- Consumers said they were less satisfied with compensation and promotion opportunities than in the same period a year ago.
The intrigue: Despite that gloomy outlook, workers still believe there is hiring demand, with rising probabilities of at least one job offer in the next four months.
- Roughly 19% of respondents said they had received at least one job offer in the past four months, about the same as in July 2023.
