Job Security Concerns Grow as Probability of Finding New Employment Dips

A New York Fed survey shows rising job insecurity and growing debt concerns, signaling increasing challenges for US consumers.

People wait in line to speak with prospective employers during a career fair in Los Angeles, Calif., on Nov. 2, 2023. Frederic J. Brown/AFP via Getty Images

The latest survey by the Federal Bank of New York reveals growing job insecurity among Americans, coupled with a surge in debt-delinquency expectations, reaching their highest level since the pandemic. These developments indicate mounting challenges for U.S. consumers and signal potential trouble ahead.

According to the New York Fed’s survey, released on Aug. 12, American consumers have become more pessimistic about the prospect of finding a new job after losing their current one as the perceived probability of finding new employment fell by 0.9 percentage point, to 52.5 percent in July.