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Friday, August 23, 2013 2:40 PM

Outlook for Jobs and Confidence in Economy Sink

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Gallup reports Americans Sour Slightly on Quality Jobs Market.

The market for quality jobs may be cooling. The 21% of Americans who say now is a good time to find a quality job is down from 25% in July -- and the most negative reading this year. Now, 76% say it is a bad time to find a quality job, up from 70% in July.

Prior to this month, Americans' views of the availability of quality jobs, though still generally pessimistic, had been improving. The percentage saying now is a good time to find quality work rose through most of 2012 and increased further in 2013. But that momentum appears to be fading, which could be due to a variety of economic factors. Americans' quality jobs outlook has worsened at the same time that their confidence in the economy has declined and the U.S. Payroll to Population employment rate has been stagnant.
Confidence in the Economy Sinks

It should not be surprising to discover confidence in the economy has slipped along with availability of jobs given a huge rise in polled unemployment.

For a complete detailed analysis of Gallup employment trends, please see Gallup Unemployment Rate Spikes from 7.9% on Aug 1 to 8.9% on August 20! Sampling Error or Seasonal Effect?

Expect a Jump in BLS Reported Unemployment

I expect to see a strong jump in the BLS unemployment rate unless the Gallup unemployment trend reverses significantly, and soon.

Mike "Mish" Shedlock

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