Multiple signs of deteriorating employment! Survey: Over 28% of Americans are looking for jobs, the highest proportion in a decade

Amid concerns about a significant downward revision in employment data by the US Department of Labor, a survey by the Federal Reserve Bank of New York has once again revealed pessimistic expectations among American workers, suggesting that the job market may be continuing to deteriorate. On August 19, the Federal Reserve Bank of New York released a survey report on the employment situation and satisfaction of Americans. The survey showed that in the past month, over 28% of respondents were actively looking for jobs, the highest level since March 2014, and their concerns about future unemployment have reached a ten-year high. At the same time, American workers are becoming increasingly dissatisfied with the current employment situation. The New York Fed stated in the report, "Respondents' satisfaction with wage compensation, non-wage benefits, and current job promotion opportunities has all declined." The survey revealed: In the past four weeks, 28.4% of respondents indicated that they have been actively seeking new jobs, the highest level since March 2014, and a significant increase from 19.4% in the same period last year. In July, the rate of surveyed workers expecting possible unemployment in the next four months rose to 4.4%, higher than the 3.9% in the same period last year, reaching the highest level since 2014. In July, the rate of surveyed workers considering changing jobs in the next four months increased to 11.6%, higher than the 10.6% in the same period last year, the highest since the data collection began in 2014. In July, 56.7% of respondents expressed satisfaction with their salaries, a decrease from 59.9% in the same period last year. Two upcoming employment data releases have attracted significant attention recently: the upcoming employment revision data from the US Department of Labor and the August employment data in the US to be released on September 6. These data will reflect the latest conditions of the US labor market and serve as important references for Federal Reserve decisions. On Wednesday local time, the US Bureau of Labor Statistics will release the benchmark revision report for non-farm employment data from April 2023 to March 2024. Goldman Sachs stated that the highest downward revision could reach 1 million people. This revision may indicate that the US government's statistical department has significantly overestimated domestic employment figures, with the extent of overestimation possibly being the largest in 15 years. This could raise concerns in the market about a significant delay in the Fed's interest rate cuts, as the labor market may not be as resilient as previously indicated by the data. Further deterioration in the labor market could have negative spillover effects on the market and other sectors. Ahmed Riesgo, Chief Investment Officer at Insigneo, stated, "We continue to see weakness in the labor market, which will ultimately lead to a downward trend in the market."