More Workers Think They'll Be Unemployed

The Federal Reserve has two primary objectives. The first is to ensure price stability, largely through monetary policy interventions. And the second is to maintain a healthy and robust labor market by encouraging employers to hire and workers to find favorable positions.

As a result, workers’ expectations of their future job prospects are closely tracked by Federal Reserve economists. Such data gives the Fed insight as to where the labor market might be headed. The most recent data released reveals that a growing number of workers expect to become unemployed in the next few months, a record high since 2014.

The recent data indicates that more workers are becoming unhappy with their current jobs and transitioning more frequently between jobs. Furthermore, workers nearing retirement are inclined to work longer and forego retirement until later years. Economists and the Fed believe that lingering inflationary pressures have imposed additional burdens on employees, requiring them to work longer due to heightened living costs.

- Tony Winkels is Managing Partner and Wealth Advisor at Fortis Wealth Management