(DailyDig.com) – Over one-third of US workers are pessimistic about their ability to find a new job if their current one ends. With the nation’s high rates of interest and inflation, they fear pressure may come when their income is less than they need for survival.
The New York Fed’s Consumer Expectations survey polled approximately 1,300 households in the US. People were asked to estimate their chances of finding a new job if they lost their current one. They were specifically asked if they could find an acceptable job within three months.
The data released in April showed that 50.9% of the respondents believed that it was probable they would find a comparable job to the one they lost within three months. This response was the lowest it had been since 2014, with one exception in 2021 during the pandemic.
The survey results showed nearly the same results regardless of where in the US the respondents lived, their incomes, and their education levels.
A YouGov survey revealed that 36% of workers expressed concerns that Artificial Intelligence (AI) would replace them in their jobs. This was an increase from the 20% result of the same survey in 2023.
Another survey from the University of Michigan showed that 38% of US workers expect unemployment nationwide to rise within this year. This was an increase of 6% from the same survey six months ago. The conclusion of the survey showed that US workers are concerned regarding their income.
Respondents stated that they expect job opportunities to weaken in the coming year, along with higher goods and borrowing costs. They also expect that their current job income will not increase to match inflation.
In April, a poll by Redfield & Wilton Strategies showed that 50% of US citizens believe that the country’s economy is getting worse, with only 25% believing that it is doing fine. The results appear to be associated with the 3.4% inflation rate, surpassing the Federal Reserve’s 2% target. At one point, it rose to 9%, the highest in 40 years.
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