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According to the NY Fed…
Americans think they’ll be out of work and are looking for jobs at the highest rate in 10 years.
The New York Fed just published a survey that reveals a terrible trend.
The average expected likelihood of becoming unemployed in the next four months reached 4.4% in July – the highest in the survey’s 10-year history.
That’s why people are now actively looking for a new job…
With 28.4% of respondents saying they’ve been doing so in the past 4 weeks.
That’s the highest level since March 2014 and up from 19.4% in July 2023.
In other words…
It seems the economy is not as rosy as the mainstream media paints.
They keep telling us that everything is just fine.
But if you check the comment section of those articles…
You find real world accounts just like this one right here:
“I have worked in the same large bakery for 45 years. Summer for bakeries is the busy time and business is down at least 25% now.
When winter comes there will be very little work for anyone. I am 62 and would look for another job also but a little late in the game for us older folks.
Kids are struggling with inflation also, so helping them out. Probably going to take money out of retirement account.
My point is I am a middle-class guy like many others who is slowly becoming worse off.
You read all these lies everyday about the economy and can’t help but wonder what the government is thinking.”
Many Americans have a similar experience.
Moreover, this trend could have a negative spillover effect on markets and portfolios.
As the chief investment officer at financial group Insigneo says…
“The problem is that we continue to see weakness in the labor market and we think that that’s going to ultimately be what drives this market lower.”
Yours in Wealth,
Ian Wyatt