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Bank of New York: US consumers became more pessimistic in July after two months of improvement
A survey published by the New York Federal Reserve on Monday said that after Americans felt a slight improvement over the past two months about their prospects in the job market, they became more pessimistic in July.
This shift reflects the effects of the new restrictions imposed by the US administration and state governments to combat the re-emergence of the Coronavirus infection.
Employment growth in the United States slowed significantly in July, reflecting a possible slowdown in the economic recovery. The Labor Department said on Friday that non-farm payrolls increased 1.8 million jobs last month, compared to a record increase of 4.8 million jobs in June.
Consumers said the average expected probability of losing their jobs over the next year rose to 16 percent in July from 15 percent in June, higher than the 2019 average of 14.3 percent, according to the New York Federal Reserve survey.
Average expectations that the unemployment rate in the United States will be higher in a year began to rise again in July, after falling for three months in a row from its highest level of 50.9 percent in March. Consumers put the odds at 39.3 percent in July, up from 35.1 percent in June.
