Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

U.S. consumers' views on labor market mixed, New York Fed survey shows

Economy Nov 09, 2020 11:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© 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.

U.S. consumers' views on labor market mixed, New York Fed survey shows
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email