• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick More than 28% of Americans are searching for new jobs — the highest rate in a decade
Editor's Pick

More than 28% of Americans are searching for new jobs — the highest rate in a decade

by August 22, 2024
by August 22, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

A new labor market survey shows Americans have rarely felt more in need of new job opportunities — an indication of a more negative outlook about the economy despite other data that suggests a more stable picture.

The New York Federal Reserve’s latest poll of consumers found 28.4% of respondents were looking for a job — the highest reading since March 2014 and up from 19.4% a year ago. That includes both individuals already out of a job and ones currently employed but seeking new roles.

The readings, from the New York Fed’s thrice-annual Survey of Consumer Expectations Labor Market Survey, add to evidence that the U.S. economic outlook is worsening, even as some economists dial back their odds of a recession. While the unemployment rate remains relatively low at 4.3%, it is up from its post-pandemic low of 3.5%.

After a period of booming post-pandemic growth — tempered by surging inflation — signs continue to mount that the U.S. economy is entering a significantly softer period.

‘The vibes have gotten worse,’ said Guy Berger, director of economic research at the Burning Glass Institute, a labor research group.

He said the survey likely reflects respondents’ hearing about or having someone in their social network who’s experienced difficulty finding work.

‘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.

Expectations of losing one’s job also hit a record, the new survey found: The average expected likelihood of becoming unemployed rose to 4.4%, up from 3.9% a year ago and the highest level ever recorded for the survey, which goes back to 2014.

Despite those increasingly worrisome datapoints, economic forecasters say a full-blown recession, commonly defined as two-consecutive quarters of negative growth, remains unlikely.

Berger noted that layoffs remain low, and that the percentage of the population aged 25 to 54 who is employed, at 80.9%, remains at all-time highs. Overall labor force participation, or the share of the adult population that is employed or unemployed, has been stable for the past year at just under 63%. And the rate of job openings to positions remains above pre-pandemic highs at 4.9%.

‘The U.S. economy is doing just fine with steady growth,’ Torsten Slok, chief economist at Apollo Global Management financial group, wrote in a note to clients Saturday, citing additional ‘steady’ data in restaurant and travel bookings, as well as credit card and bank lending.

But Berger said there is no question about the economy’s ongoing slowdown.

“It’s hard to find data moving in right direction,” Berger said. “The best you can say is that some data are in a good spot and not getting worse. But most datapoints are on average moving slowly in wrong direction.”

The New York Fed said the increase in job searchers was most pronounced among respondents older than 45, those without a college degree, and those with an annual household income less than $60,000.

Rick Goins, a 64-year-old Houston-area resident with decades of communications experience, is among those who’ve encountered difficulty finding new work.

In fact, he has not had a full-time role since 2016, managing only to move between contractor gigs. During the pandemic, he secured a contractor role that lasted nearly two years, but that ended in February.

‘I’m not old enough to retire, and not old enough for Medicare,’ Goins told NBC News. ‘I want to keep my skills up … I’ve got a lot left in tank.’

He said he’d lost count of the number of times he’s been ‘ghosted’ by employers who fail to follow up in the middle of an interview process, and said he is concerned ageism is playing a role in his lack of success.

‘They want someone who’s 25 years old with 25 years of experience and who’ll take a $25 (an hour) salary,’ he quipped.

This post appeared first on NBC NEWS
You Might Also Like
  • UnitedHealth CEO suddenly steps down for ‘personal reasons’
  • Elon Musk says backlash against his DOGE government cuts is hurting Tesla stock
  • FTC bans fake online reviews, inflated social media influence; rule takes effect in October
  • Federal Reserve official says more U.S. rate hikes likely will be needed to bring down inflation
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Most Americans reject push by Biden, Dems to change Supreme Court: poll
next post
GOP veteran-lawmakers drop scathing ‘stolen valor’ letter to Walz as Trump camp rips ‘Freakish Timothy’

You may also like

Tax Day 2023: What to know ahead of the April...

April 18, 2023

Temple University reviewing reports of potential match-fixing of men’s basketball...

March 9, 2024

SEC charges Carl Icahn with hiding billions of dollars worth...

August 20, 2024

Drone company’s stock soars after it appoints Donald Trump Jr....

November 29, 2024

Nvidia CEO Jensen Huang says tariff impact won’t be meaningful...

March 19, 2025

Costco cracks down on membership card sharing

June 28, 2023

Starbucks union announces strike to last through Christmas Eve in...

December 20, 2024

December home sales slump to close out their worst year...

January 23, 2024

Hours after state board rebuke, Disney announces groundbreaking for affordable...

April 21, 2023

CrowdStrike says it isn’t to blame for Delta’s flight cancellations...

August 5, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,309 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past...

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Major retailers are backtracking on self-checkout

    July 4, 2024

    Bruce Nordstrom, who helped grow family-led...

    May 20, 2024

    Importance of Data Masking Techniques in...

    January 23, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here