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Consumers' view of U.S. job market brightened in March: NY Fed

Job seekers speak with with job recruiters while they attend the Coast to Coast job fair in New York, May 7, 2012. REUTERS/Eduardo Munoz
Job seekers speak with with job recruiters while they attend the Coast to Coast job fair in New York, May 7, 2012. REUTERS/Eduardo Munoz

NEW YORK (Reuters) - U.S. consumers grew more confident in the labor market last month, with younger workers in particular seeing a greater chance of finding work should they lose their current job, a survey from the Federal Reserve Bank of New York said on Monday.

The monthly survey found that consumers in March perceived an average chance of 48.95 percent for finding a new job should they lose their current position. That is up from 46.1 percent in February and nearly matches January's reading of 48.98 percent, which had been the highest since last June.

Workers under 40 were the most optimistic. In that group, the chances of finding work were seen at 60.38 percent, the highest since the New York Fed began gathering the data last June.

Other age groups also saw a brightening picture, although the oldest workers continued to see a low likelihood of being reemployed if they lost their jobs.

Those between 40 and 60 assigned a 45.52 percent probability of being able to find a replacement job, up from 43.49 percent in February. Respondents over 60 saw just a 30.39 percent chance, but that was up from a reading of 25.4 percent in February, which was the lowest level in the series history.

The bank, one of the 12 regional banks in the Fed system, began publishing its national consumer survey findings in January. The bank also asks consumers their opinions of inflation, household finances and wages.

(Reporting by Dan Burns; Editing by James Dalgleish)

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