The US job market is currently projecting volatility as multiple political and financial changes continue to envelop the US. With job markets riddled with frequent layoffs and changes, the level of unemployment fears among Americans is hitting new highs, with panic among professionals concerning their jobs’ longevity.
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US Job Market Turmoil
As per the latest report by the Kobeissi Letter, job market pessimism among Americans is growing at a rapid pace. The KL tweet outlined how 71% of the US consumers expect an increase in unemployment over the last 12 months, the highest mark since the year 1980.
Moreover, the tweet emphasized how this percentage has doubled over in a year since 2008. In addition to this, the job loss probability stats are also looking grim, with the perceived loss probability among consumers hitting 23% in 15 years.
“Job market pessimism among Americans is rising at a concerning pace: 71% of US consumers expect an increase in unemployment over the next 12 months, the highest since the 1980s peak. This percentage has DOUBLED in less than a year and is now above the 2008 peak. Additionally, the perceived probability of loss among consumers hit 23%, the 2nd-highest in at least 15 years. Such grim labor market sentiment has never been seen outside of a recession. Fears about unemployment have almost never been this elevated.”
Labour Market Deterioration Continues
Another striking forecast by the Kobeissi Letter citing Revelio confirms how US nonfarm employment has declined -9100 in October. The weak labor market data is signaling a rising job market disparity growing rapidly within the US economic domain.
“Alternative data confirms growing US market deterioration: Revelio estimates US nonfarm employment declined by -9,100 in October, the 2nd-largest drop in at least 5 years. Revelio aggregates data from company career sites, LinkedIn, Indeed, and staffing firms. October’s decline was driven by government losses, which outweighed modest private-sector gains. Meanwhile, September figures were revised sharply lower by -27,100, to +33,000. This brings the total downward revisions for June, July, August, and September to -142,500.”
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