Job Hunting Hits 10-Year High Amid Worker Dissatisfaction: NY Fed Survey

A survey conducted by the New York Fed shows that more than a quarter of respondents were searching for jobs in July, the highest level in a decade, with a significant proportion of workers reporting a decline in job satisfaction.
Employee satisfaction with current wage compensation, non-wage benefits, and promotion opportunities at the respondents’ current jobs dropped by 3.2, 8.6, and 9.3 percentage points since July 2023, declining to 56.7 percent, 56.3 percent, and 44.2 percent, respectively, the survey found.
“These declines were largest for women, respondents without a college degree, and those with annual household incomes less than $60,000.”
The average expected likelihood of becoming unemployed over the next four months was also the highest in a decade, according to the survey.
“If a mild recession hits, history says we could see the unemployment rate rise to over 6% by the end of 2025. The unemployment rate has already crossed above its 36-month moving average for the first time in 4 years. Every time this has occurred in the past, a spike in the jobless rate followed.”
The agency said it is “prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment” of the Federal Open Market Committee goals.
“The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.”
The 36 forecasters in the survey revised their current-year growth expectations upward but said they expect to see higher unemployment rates in the country.