Elizabeth Renter

So in the data, that appears as lower hiring rates, lower quits rates, and also fewer job openings.

That's a great follow-up question to what I was just talking about. Because that cooler labor market means people are feeling kind of stuck. It feels worse now than it did then. It's more difficult to find work now than it was just a few years ago. So more workers are pessimistic. which is showing up in popular measures of consumer sentiment, like the survey from the conference board, for example.

That's a great follow-up question to what I was just talking about. Because that cooler labor market means people are feeling kind of stuck. It feels worse now than it did then. It's more difficult to find work now than it was just a few years ago. So more workers are pessimistic. which is showing up in popular measures of consumer sentiment, like the survey from the conference board, for example.

That's a great follow-up question to what I was just talking about. Because that cooler labor market means people are feeling kind of stuck. It feels worse now than it did then. It's more difficult to find work now than it was just a few years ago. So more workers are pessimistic. which is showing up in popular measures of consumer sentiment, like the survey from the conference board, for example.

People believe it's less likely they'll be able to find a replacement job if they lose theirs, and they're putting a greater likelihood on the chance of losing their jobs. Both insights from the New York Fed.

People believe it's less likely they'll be able to find a replacement job if they lose theirs, and they're putting a greater likelihood on the chance of losing their jobs. Both insights from the New York Fed.

People believe it's less likely they'll be able to find a replacement job if they lose theirs, and they're putting a greater likelihood on the chance of losing their jobs. Both insights from the New York Fed.

Yeah, that's absolutely right. And one stat that I always go back to is a 4% unemployment rate is about 7 million workers that are out of work. So even though 4% is quote unquote relatively low, try the telling that to the 7 million people looking for jobs. And I think making that connection is human nature.

Yeah, that's absolutely right. And one stat that I always go back to is a 4% unemployment rate is about 7 million workers that are out of work. So even though 4% is quote unquote relatively low, try the telling that to the 7 million people looking for jobs. And I think making that connection is human nature.

Yeah, that's absolutely right. And one stat that I always go back to is a 4% unemployment rate is about 7 million workers that are out of work. So even though 4% is quote unquote relatively low, try the telling that to the 7 million people looking for jobs. And I think making that connection is human nature.

We fielded a survey last summer that found people consider their personal experiences and that of the people around them when they're judging the health of the economy. And that likely extends to their perceptions of the health of the labor market.

We fielded a survey last summer that found people consider their personal experiences and that of the people around them when they're judging the health of the economy. And that likely extends to their perceptions of the health of the labor market.

We fielded a survey last summer that found people consider their personal experiences and that of the people around them when they're judging the health of the economy. And that likely extends to their perceptions of the health of the labor market.

So even if I'm personally happy in my job, I might have people in my friend circle or my LinkedIn network that are experiencing the labor market firsthand and having a hard time. So even their perceptions are going to shape my opinion.

So even if I'm personally happy in my job, I might have people in my friend circle or my LinkedIn network that are experiencing the labor market firsthand and having a hard time. So even their perceptions are going to shape my opinion.

So even if I'm personally happy in my job, I might have people in my friend circle or my LinkedIn network that are experiencing the labor market firsthand and having a hard time. So even their perceptions are going to shape my opinion.

That's a tough one. When it comes to individual perception or sentiment, I'm not sure we can ever truly know this. I think it's a highly individualized set of circumstances, and I think it likely varies from person to person.

That's a tough one. When it comes to individual perception or sentiment, I'm not sure we can ever truly know this. I think it's a highly individualized set of circumstances, and I think it likely varies from person to person.

That's a tough one. When it comes to individual perception or sentiment, I'm not sure we can ever truly know this. I think it's a highly individualized set of circumstances, and I think it likely varies from person to person.

So I found this part really interesting. About half of employed Americans said their pay increases have kept up with inflation over the past five years. I assumed it would be less, despite knowing that pay on average has kept pace with inflation by many measures. And younger people were surprisingly more likely to say their pay has kept up.