Worker confidence in finding a new job hits record low in New York Fed survey
The big takeaway from this article is that people's confidence in the job market is at a historical low. A survey from the New York Fed found that people feel there's only a 44.9% chance of finding a new job if they were to lose their current one. This is the lowest that number has been since the survey started back in 2013! It's a huge change from a few years ago during what was called the "Great Resignation," when people were quitting their jobs at a record pace. Back then, as many as 4.5 million workers a month were quitting, but that number has now dropped to 3.2 million in July, a decrease of over 5% from 2024. People's expectations that the unemployment rate will be higher a year from now went up to 39.1% , which is a 1.7 percentage point increase from July. The job data from August indicated that only 22,000 new jobs were created, which is way below the expected 75,000 . They even revised the numbers for June, showing a loss of 13,000 jobs , whi...