Conference Board Says Job-Finding Difficulty Hits Highest Since Pre-Vaccine 2020 as Confidence Sags
Updated
Updated · POLITICO · Jul 2
Conference Board Says Job-Finding Difficulty Hits Highest Since Pre-Vaccine 2020 as Confidence Sags
1 articles · Updated · POLITICO · Jul 2
Summary
The Conference Board said this week the share of consumers who think it is hard to find a new job has climbed to its highest level since before Covid-19 vaccines were widely available.
That weakening confidence comes even with a resilient labor market, as pay gains have slowed, inflation has outpaced paychecks over the past year, and higher fuel, energy and tariff-driven costs have eroded spending power.
Job-switching behavior points the same way: the quit rate, a common gauge of workers’ confidence in finding better jobs, has fallen to its lowest level since mid-2020.
Household strain is also showing up in lower savings and rising serious credit-card delinquencies, while a PBS News/NPR/Marist poll found 60% of Americans disapprove of Trump’s handling of the economy.
A cooler jobs backdrop could still ease pressure on the Federal Reserve to raise rates, though Goldman Sachs Asset Management said further upside inflation surprises could still bring earlier hikes.