Growing concern over jobs amid economic growth raises concerns about " Vibecession"
Date
8/22/2024 8:23:52 AM
(MENAFN) While economic indicators may suggest a robust economy, there is a growing sense of unease among Americans regarding their job security, leading to the emergence of the term "vibecession." Coined by Gen Z economist and TikTok influencer Kayla Scanlon, "vibecession" captures the phenomenon where economic growth is contrasted by widespread public anxiety about the future. This term reflects the disconnect between positive economic data and a pervasive sense of economic insecurity, highlighting how economic metrics can be misleading when public sentiment remains negative.
Recent data from the New York Federal Reserve's Labor Market Expectations Survey reveals that the average expected probability of unemployment has increased to 4.4 percent as of July, marking the highest level since 2014. This rise in unemployment expectations comes alongside a notable increase in the number of people actively seeking work, which reached 28.4 percent in July—a significant jump from 19.4 percent a year earlier. The survey, which included 1,000 respondents nationwide, also pointed to other troubling trends such as a historically low number of employees staying with the same employer.
These employment concerns contrast sharply with recent positive developments in the U.S. stock market, which enjoyed its eighth consecutive week of gains, and a significant increase in retail sales for July, the largest in over a year. Despite these encouraging signs, the anxiety surrounding job security persists, as evidenced by a weaker-than-expected jobs report for July and rising unemployment rates. This disparity between economic performance and public sentiment underscores the complexities of the current economic climate and the emerging concept of "vibecession."
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