American job seekers' confidence in finding a new job has fallen, according to a new survey.
The new Federal Reserve Bank of New York's Survey of Consumer Expectations found that the average “perceived probability” of finding a new job after losing one fell 5.8% points to 44.9%, which is the lowest measure on record since 2013 when the New York Fed began collecting data.
People of all ages, education, and income groups reported this sentiment, but it was most prevalent with those with at most a high school education.
Americans are also concerned about unemployment and the prospect of losing their jobs.
Expectations of the United States employment rate increasing rose by 1.7% to 39.1%. Perceived probability of losing one’s job also lifted by 0.1% to 14.5%, which is above the series’ 12-month trailing average of 14%.
This is a reversal of the Great Resignation that occurred in 2021-2022, where around 4.5 million workers a month were quitting their jobs.
In July, this number stood at 3.2 million, which is well off pace from a few years ago and a more than 5% decrease from the same period in 2024, according to the Bureau of Labor Statistics figures.
“Consumers are feeling down about job-finding opportunities, and those feelings are wholly appropriate,” said Elizabeth Renter, senior economist at consumer site NerdWallet.
“It’s very difficult to find work right now. And unlikely to get better any time soon. Employers aren’t hiring much, so workers are stuck job-hugging, clinging to their current jobs because the market isn’t favourable to job seekers.”
This also follows a recent CBS survey that found that Americans were continuing to rate the U.S. economy negatively.
