Saturday, May 21, 2022

U.S. consumers’ views on labor market mixed, New York Fed survey shows By Reuters

-


© Reuters. FILE PHOTO: The Federal Reserve Bank of New York is pictured in the Manhattan borough of New York City

(Reuters) – U.S. consumers reported mixed feelings about the labor market in October as the outlook for unemployment improved but the perceived odds of finding new work after losing a job dropped to a six-year low, according to a survey released on Monday by the New York Federal Reserve.

The regional Fed bank’s latest Survey of Consumer Expectations found gradual improvement in optimism about the labor market, with the average expectation that the unemployment rate could be higher one year from now dropping for the third consecutive month.

The perceived odds of losing a job in the next 12 months also dropped to 15.5% in October from 16.6% in September, but were still above the pre-pandemic level of 13.8% in February. The drop was largest among people with higher levels of education and those earning more than $50,000.

At the same time, consumers across education and income levels said they worried it would be harder to find a new job if they became unemployed. The perceived odds of finding new work dropped to 46.9% in October from 49.9% in September – the lowest level since April 2014.

Data released by the Labor Department on Friday showed that new hiring continued to slow in October and more people faced long-term joblessness, but the unemployment rate also fell to 6.9%, a bigger drop than expected by analysts, and more people entered the labor force.

The survey of consumer expectations is a monthly poll conducted on a rotating panel of 1,300 households.

In other aspects of their finances, fewer people said they expected their situation to improve over the next year and more said they expected it to worsen. Consumers said they were less worried about missing a minimum debt payment over the next three months, but also felt it would become harder to access credit over the next year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US

0FansLike
3,319FollowersFollow
0SubscribersSubscribe
spot_img

Related Stories