August 19, 2024

In another sign of cracks forming in the U.S. labor market, a New York Federal Reserve survey Monday showed a slide in people reporting they are employed, a surge in those looking for work and growing dissatisfaction with pay.

The thrice-yearly measure of labor activity, confidence and satisfaction reflected growing concern in July about job security and an increase in those expecting to work past typical retirement age. Workers are still looking for higher starting salaries but are getting lower offers.

The results come with the unemployment rate ticking higher and Wall Street and Fed policymakers watching the developments closely for clues about where things are headed for the U.S. economy.

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