More and more Americans are worried they will lose their job

The shape of the US labor market is changing, job growth is slowing and new survey data released Monday shows that Americans are starting to feel increasingly unsettled about it all.

The shape of the US labor market is changing, job growth is slowing and new survey data released Monday shows that Americans are starting to feel increasingly unsettled about it all. The Federal Reserve Bank of New York’s latest survey on consumers’ labor market experiences and expectations showed that job, wage and benefits satisfaction all sank in July. In addition, the survey showed that fewer people were employed, a record share of people were looking for jobs, and the average expected likelihood of becoming unemployed rose to 4.4% — also the highest on record for the survey, which was started 10 years ago. Jitters aside, the July survey also showed that Americans also felt opportunities still abound. Job offer activity held steady from July 2023, and the average expected likelihood of receiving at least one job offer increased from last year. Additionally, the average reservation wage (the lowest wage one would accept for a new job) remained well above July 2023 — and significantly higher than pre-pandemic levels. The average reservation wage in July was $81,147, a slight decline from the series high of $81,822 set in March of this year, according to the survey, which is conducted every four months. The average reservation wage has increased 31.4% since March 2020; however, most of that gain can be attributed to inflation, New York Fed researchers wrote Monday in an accompanying blog post.