Labor market pessimism hits highest since 2009 as Americans sour on economic outlook
Americans continue to feel increasingly pessimistic about the US economy.
New data from the University of Michigan out Friday showed consumer sentiment in March reached the lowest level since November 2022, with worries over inflation and the labor market dragging down optimism.
Friday's report from the University of Michigan showed a particular worry from consumers about the labor market, with two-thirds of consumers expecting unemployment to rise in the year ahead, the highest reading since 2009.
In a note to clients published earlier this week, Neil Dutta, an economist at Renaissance Macro, wrote that "the US labor market continues to deteriorate with conditions worsening at the margin." He noted weekly job postings and workers quitting are both falling, a sign of less demand for labor and less confidence among those with jobs.
The headline index of consumer sentiment hit 57 in March, down from a preliminary read of 57.9 reported two weeks ago and the lowest reading since the index hit 56.9 in November 2022.
An index measuring consumer expectations for the economy fell to 52.6, down from a prior reading of 54.2 and showing a further deterioration in consumers' outlook for the economy.
https://finance.yahoo.com/news/labor-market-pessimism-hits-highest-since-2009-as-americans-sour-on-economic-outlook-142411222.html