In a fresh sign of strain on the U.S. labor market, worker confidence in the ability to switch jobs has fallen to its lowest level on record, according to a New York Federal Reserve survey released Monday.<\/p>\n
The Fed\u2019s August Survey of Consumer Expectations found respondents saw just a 44.9% chance of landing a new job if they lost their current one \u2014 a 5.8-point drop from July and the weakest reading since the survey began in 2013.<\/p>\n
The numbers underscore the sharp reversal from the \u201cGreat Resignation\u201d of 2021-22, when as many as 4.5 million people a month were voluntarily leaving jobs with little concern about finding another. By July, quits had dropped to 3.2 million, more than 5% lower than a year earlier and far below the peak pace, according to Bureau of Labor Statistics data.<\/p>\n
\u201cConsumers are feeling down about job-finding opportunities, and those feelings are wholly appropriate,\u201d said Elizabeth Renter, senior economist at consumer site NerdWallet.<\/p>\n
\u201cIt\u2019s very difficult to find work right now. And unlikely to get better any time soon. Employers aren\u2019t hiring much, so workers are stuck job-hugging, clinging to their current jobs because the market isn\u2019t favorable to job seekers,” she added, via CNBC<\/a>.<\/p>\n During the Covid pandemic, several factors fueled unprecedented job mobility \u2014 chief among them a supply-demand imbalance that left more than two openings for every available worker.<\/p>\n That dynamic has since reversed. The labor market has slowed to a near standstill, with hiring cooling sharply even as large-scale layoffs remain limited. As a result, many workers are choosing to stay put, while employers, wary of inflation and uneven economic growth, have grown cautious about expanding payrolls.<\/p>\n For the first time in years, there are now more workers seeking jobs than available positions \u2014 a shift not seen since before the COVID pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":" In a fresh sign of strain on the U.S. labor market, worker confidence in the ability to switch jobs has fallen to its lowest level on record, according to a New York Federal Reserve survey released Monday. The Fed\u2019s August Survey of Consumer Expectations found respondents saw just a 44.9% chance of landing a new … Read more<\/a><\/p>\n","protected":false},"author":50,"featured_media":44563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[983,984],"class_list":["post-44561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-federal-reserve","tag-labor-market","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/posts\/44561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/comments?post=44561"}],"version-history":[{"count":0,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/posts\/44561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/media?parent=44561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/categories?post=44561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trendingviews.com\/blog\/wp-json\/wp\/v2\/tags?post=44561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}