The New York Fed's July labor market survey shows rising job insecurity, with unemployment expectations increasing to 4.4%, the highest since 2014. More Americans are job hunting, and concerns about job losses are growing. These findings come as the Fed, led by Jerome Powell, closely monitors the labor market amid potential signs of economic weakening. While the unemployment rate has risen to 4.3%, other indicators like consumer spending remain strong. The Fed may consider these trends in its upcoming interest rate decisions, with Powell expected to address the issue at a key conference soon.
See "Warning Signs Flash in a Labor Survey as Fed Officials Watch for Weakness", Jeanna Smialek, New York Times, August 19, 2024