American households are growing more worried about the job market. New data from the Federal Reserve Bank of New York shows confidence in finding new work has hit its lowest point since records began in 2013.
The New York Fed’s August Survey of Consumer Expectations revealed a sharp drop in optimism. The average perceived chance of landing a new job if someone lost their current one fell by 5.8 percentage points last month, sinking to just 44.9%.
“The decline was broad-based across age, education, and income groups, but it was most pronounced for those with at most a high school education,” the Fed reported.
The survey also found Americans slightly more nervous about losing their current jobs. The probability of job loss in the next year ticked up to 14.5%. That number sits above the 12-month average of 14%.
Meanwhile, fewer people expect to quit on their own. The chance of leaving a job voluntarily slipped to 18.9%, just under the trailing average of 19%.
Households are also bracing for higher costs. Inflation expectations climbed slightly, with Americans projecting a 3.2% rise over the next year. That’s still well above the Fed’s 2% target.
The data paints a picture of rising uncertainty. Workers feel less secure, less mobile, and more burdened by the prospect of higher prices.