Unemployment Fears Highest In Years

On August, millions more Americans are fearing not being able to work in the highest levels in 10 years.

A new survey released by the central bank of the United States found that over 28% of respondents are actively searching for a job over the past four weeks, an increase from the 19% just one year ago, and reaching the highest level since March 2014.

Additionally, the Fed predicts that the chance of being unemployed has reached 4.4% by the end of July, which is significantly larger from the 3.9% from last year. The unemployment measures very similarly at 4.3%, a considerable increase from earlier this year.

This news is coming following years of extremely high interest rates which the Fed has yet to cut, making the process of borrowing money difficult for many companies and thus their capabilities of hiring more employees have dwindled. Also, there is a growing threat of false jobs which many who apply to get rejected despite most if not all applicants getting automatically rejected anyways, reducing the availability of jobs for many.

This, along other issues such as a slowing stock market, is pressuring the Fed to cut interest rates even more. It is expected that Fed chair Jerome Powell will make an announcement in the coming weeks of cutting rates for the first time since before the inflation crisis.