Economy

Job Insecurity Is Starting To Spread Amongst Consumers

The Federal Reserve Bank of New York’s August Survey of Consumer Expectations found that, on average, nearly 15% of workers expected to lose their job over the next 12 months. The figure is the highest since April of 2021 and also highlighted...

Job Insecurity Is Starting To Spread Amongst Consumers
Jasper
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When the economy was at its peak, businesses were shoring up employees to handle the increased demand for products and services. Now that the economy is starting to cool, American workers are starting to work up a sweat. 

The Federal Reserve Bank of New York’s August Survey of Consumer Expectations found that, on average, nearly 15% of workers expected to lose their job over the next 12 months. The figure is the highest since April of 2021 and also highlighted the direct relationship between economic growth and job security. Some of the greatest concerns were from workers with less education who have lower incomes than average. See below:

chart showing the mean probability of losing a job over the next 12 months, by income level.

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