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Jan
2014
23

17% of Workers Expect to Be Laid off in 2014

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A consumer confidence survey from the Federal Reserve has found that 17 percent of workers expect to be laid off in 2014.  The survey has been in the works for nearly five years and will be released the first Monday of every month.  Results will be added to the private data used to determine customer confidence.  Federal Reserve Officials will use the numbers to set policy and assist their staff in researching connections between expectations and behavior.  

The 17 percent figure was actually an improvement from the previous month according to the Los Angeles Times:

The figure for December was down from about 18 percent the previous month but up from about 15 percent in June, according to the initial results of the Survey of Consumer Expectations from the Federal Reserve Bank of New York.

About 22 percent of consumers expect to voluntarily switch jobs in the year ahead, down slightly from November but up from about 19 percent in June, the survey reported. Both figures have been holding steady in recent months.

Six months ago, the Fed began collecting data on consumer attitudes about the labor market, inflation and household finances. The results were released for the first time Monday, along with interactive charts.

The results coincide with a Gallup poll which shows that U.S. economic confidence is trending downward generally.  Those results, driven by the weakest job growth rate in three years, show that American workers do not see a bright future ahead.  

From Gallup:

Americans’ assessments of current economic conditions and their perceptions of the economy’s direction — the two components that make up the index — both declined two points last week. But Americans’ economic outlook has fallen more than their evaluation of current conditions over the past two weeks.
Americans’ net economic outlook score was -12 last week, down four points from the -8 found in the first week of 2014. The current score represents 42% who said the economy is getting better and 54% who said it is getting worse.

Last week’s net current conditions score was -19, similar to the -18 found in the first week of January. The current score represents 17% of Americans who say the economy is “excellent” or “good,” while 36% say it is “poor.”

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