Americans faced a tougher labor market in early summer as more people lost jobs during the pandemic and became more pessimistic about their employment prospects going forward, according to a survey released by the New York Federal Reserve on Monday.
Some 10.5% of consumers surveyed said they had become unemployed between March and July of this year, up from 2.8% in July 2019 and reaching a series high for the survey, which started in March 2014. The average expected likelihood of becoming unemployed also rose to 3.7% in July from 2% a year earlier.
Only 13.5% of individuals said they received at least one job offer in the prior four months, down from 21.0% in July 2019 - a figure that had been rising from March 2018 until March 2020, when the coronavirus began to spread around the world. The average expected likelihood of receiving a job offer in the next four months also dropped sharply to 18.5% in July from 24.1% a year earlier.
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