More and more Americans are worried they will lose their job

The US labor market is undergoing changes, with job growth slowing and Americans feeling increasingly unsettled about it. Recent survey data from the Federal Reserve Bank of New York shows that job, wage, and benefits satisfaction all declined in July. The survey also revealed that fewer people were employed, a record share of people were looking for jobs, and the average expected likelihood of becoming unemployed was the highest on record. Despite these concerns, the survey also found that Americans still believe there are opportunities available. Job offer activity remained steady, and the average expected likelihood of receiving at least one job offer increased. The average reservation wage, the lowest wage one would accept for a new job, remained above pre-pandemic levels but saw a slight decline from its peak in March of this year. Job growth has been slower in recent months as the US labor market adjusts to a more balanced state. While the latest jobs report showed lower monthly job totals than expected, economists caution against interpreting it as a sign of a forthcoming recession or a deterioration in the labor market, noting that layoffs remain limited. Data revisions from the Bureau of Labor Statistics may provide further insights into job growth over the past year.