AMERICANS UPBEAT ABOUT THE JOBS MARKET

Despite inflation clouding the economy, 52 percent of Americans think now is a good time to find a job, compared to just 11 percent who say it is not, a New York Times survey found.

Fifty-six percent say the labor market now is more favorable to workers than employers.

A majority of respondents believe these conditions will last for at least six months.

Still, 44 percent worry that they or a family member will be laid off in the next six months, up from 37 percent in early 2020, just before COVID lockdowns were imposed.

Optimism regarding the jobs market is a lone bright spot amid economic gloom that most Americans see.

In the survey, more than 90 percent voiced worries about inflation and more than 50 percent said they are worse off financially than a year ago. 

Only 17 percent of respondents see current business conditions positively.

Forty-seven percent think Republicans would do a better job of stewarding the economy, compared to 44 percent who believe Democrats would deliver better results.

TREND FORECAST: The numbers are roughly the same as in the May 2019 survey’s results, but the current survey was taken before Senate Democrats passed the Inflation Reduction Act on 7 August, which as we note, in this Trends Journal, will not bring down inflation while keeping the rich, richer and the little people on the hook for more taxes. 

The worst in the job market is yet to come. The higher interest rates rise, the slower the economy will grow and the more people will be put out of work. Indeed, each week we are reporting on the soaring amounts of job layoff. (See “WHEN THE ECONOMY FALLS JOBS GO WITH IT”.)