The US unemployment rate is 4.3%, a historically low number. The inflation rate has dropped to 2.9%; about average for the past ten years. Why, then are workers so fearful? The answer, of course, is that they have good reason to be fearful.
Last year the tech sector cut more than 170,000 jobs. But that’s just the tip of the iceberg. 17 million American workers were fired in 2022.
The New York Federal Reserve Survey of Consumer Expectations tells us the impact that these layoffs have on how workers feel: