US job confidence sinks to record low: Survey

A New York Fed survey showed American workers’ confidence in finding a new job fell in August to the lowest since records began in 2013, signaling further weakness in the labor market.

Respondents put the chance of getting a new job after losing their current one at 44.9%, down 5.8 percentage points from July and the lowest on record.

The decline highlights the end of the “Great Resignation” in 2021–22, when millions quit jobs each month confident they could find others.

Voluntary quits dropped to 3.2 million in July, about 5% lower year-on-year (YoY) and far below the post-pandemic peak, Labor Department data show.

The survey also showed the probability of leaving a job voluntarily within a year held nearly steady at 18.9%. Expectations for higher unemployment rose to 39.1%, above the 12-month average.

The results follow a weak August jobs report, with payrolls rising just 22,000 versus forecasts of 75,000. June was revised to a loss of 13,000 jobs, the first monthly contraction since December 2020.