The New York Federal Reserve's July 2024 SCE Labor Market Survey highlights a weakening labor market, with higher job-seeking efforts indicating concerns about potential unemployment.
With unemployment increasing to 4.3% and job satisfaction in promotion opportunities declining, there are strong signals that the labor market is softening and could worsen.
The proportion of individuals expecting job loss has reached 4.4%, the highest in the survey's history, indicating rising anxiety about employment stability in the current economic climate.
While unemployment has not yet raised significant alarms, an increase to 4.5% in August could trigger serious concerns about the future trajectory of the labor market.
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