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.
Similarly, those who expected to become unemployed rose to 4.4%, a 0.5 percentage point increase from a year ago and the highest in the survey's history.
On wages, satisfaction with current compensation dropped to 56.7%, down more than 3 percentage points from the same period in 2023.
Finally, the expected likelihood of working past age 62 nudged up to 48.3% of respondents and increased to 34.2% of those saying they expect to work past 67, an increase of more than 2 percentage points.
Following their most recent meeting, Fed officials described job growth as having "moderated."
Organizations:
New York Federal Reserve, Workers
Locations:
U.S, nonfarm