A survey by the New York Fed shows that Americans are concerned about rising unemployment, with a perceived probability of 45.3% for the next year, the highest since April 2020. Despite this, confidence in finding new employment if needed has increased to 46.5%. The October jobs report indicated that 165,000 jobs were added, keeping the unemployment rate between 4% and 4.2%. However, over 2 million Americans have been unemployed for at least six months.
Key facts
- Perceived unemployment probability rose to 45.3% in October.
- Confidence in finding a new job increased to 46.5%.
- Unemployment rate has remained between 4% and 4.2% for five months.
- 2 million Americans have been unemployed for at least six months.
- Average unemployment duration reached 27.1 weeks in October.
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