Highest in a Decade: Over 28% of Americans Seeking New Employment, Reports One America News Network
OAN Staff James Meyers
2:39 PM – Tuesday, August 20, 2024
A new survey has revealed that Americans searching for a new job has hit the highest rate in more than a decade.
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The New York Federal Reserve’s latest poll of consumers revealed that 28.4% of respondents were looking for a job, which is the highest number since March 2014 and up from 19.4% a year ago. That includes both individuals already out of a job and others currently employed but seeking new roles.
The New York Fed’s annual Survey of Consumer Expectations Labor Market Survey, add to evidence that the U.S. economic outlook continues to worsen.
With inflation continuing to surge, all signs point to the economy faltering with a possibility of a recession continuing to rise.
“The vibes have gotten worse,” said Guy Berger, director of economic research at the Burning Glass Institute, a labor research group.
“It’s not like people should be panicked — this is not like 2008, or COVID — but, given an ordinary person’s balance of risks, it probably is a little higher,” Berger said.
Additionally, expectations of losing a job have increased for employees, according to the survey. The average expected likelihood of becoming unemployed rose to 4.4%, higher than 3.9% from a year ago and the highest level ever recorded for the survey, which dates back to 2014.
Burger said there is no question about the economy’s downward spiral.
“It’s hard to find data moving in the right direction,” Berger said. “The best you can say is that some data are in a good spot and not getting worse. But most data points are on average moving slowly in wrong direction.”
The New York Fed said the increase in job seekers mainly came from respondents older than 45, those without a college degree, and those with an annual household income less than $60,000.
Meanwhile, job growth has decreased, as the U.S. labor market has come back to a more balanced state, with a slower growing economy.
In July, the monthly job total was lower than expected, at just 114,000. The unemployment rate increased, to 4.3%.
The next jobs report is expected to be released on September 6th from the Bureau of Labor Statistics.
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