Americans are again fearful of losing their jobs, according to a survey from the Federal Reserve Bank of New York released Monday.
New York Fed’s survey of consumer expectations said there was an 18.0% chance of losing their job in the next 12 months. That figure is a noticeable increase from the 16.0% chance reported in July and marks the second consecutive month of job loss concerns rising.” data-reactid=”13″>For the month of August, the average respondent in the New York Fed’s survey of consumer expectations said there was an 18.0% chance of losing their job in the next 12 months. That figure is a noticeable increase from the 16.0% chance reported in July and marks the second consecutive month of job loss concerns rising.
The New York Fed said worries over becoming unemployed were more pronounced among those without a college degree (21.3% perceived chance) and those with a household income below $50,000 a year (24.9% perceived chance).
The trend marks a reversal of labor market optimism over the course of the summer. The average perceived probability of losing work fell to 15.0% in June. Following a spike in U.S. COVID-19 cases in late June and early July, economic data pointed to a slowing of the recovery in the labor market.
remains about 11.5 million below pre-pandemic levels.
recently unveiled a new framework detailing a new emphasis on “the shortfalls of employment from its maximum level,” suggesting the Fed would wait longer when observing labor market recoveries before raising rates.
@bcheungz.” data-reactid=”62″>Brian Cheung is a reporter covering the Fed, economics, and banking for Yahoo Finance. You can follow him on Twitter @bcheungz.
Read the latest financial and business news from Yahoo Finance
Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.” data-reactid=”70″>Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.
