A fresh wave of anxiety is sweeping through the American workforce, with more employees bracing for potential layoffs as economic signals suggest a softening job market.
Why it matters: As the economy shows signs of cooling, workers are increasingly attuned to potential job losses.
This shift in sentiment reflects a broader unease about the labor market’s stability.
By the numbers: The latest survey from the Federal Reserve Bank of New York reveals a spike in job seekers, with 28% of workers actively looking for new opportunities in July—the highest figure since 2014.
This marks a significant 10 percentage point increase from the previous year, underscoring growing apprehensions.
- Simultaneously, jobholders are feeling the pressure, with the perceived risk of unemployment climbing to 4.4%, a record high since the survey’s inception in 2014.
- Satisfaction with compensation and promotion prospects has dipped compared to last year, further fueling concerns.
The intrigue: A silver lining remains despite this cloud of uncertainty. Workers still believe in the potential for new opportunities, with many expecting to receive job offers soon.
Approximately 19% of respondents reported receiving at least one job offer in the past four months, holding steady with last year’s numbers.
The data paints a picture of a workforce caught between rising fears and lingering hopes—a testament to the ever-changing dynamics of today’s business landscape.
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