(Nov 9): Americans last month grew more ​worried about the labor market outlook, according to a survey released on Monday by the ‌Federal Reserve Bank of New York.

The bank's October Survey of Consumer Expectations found that projections the jobless rate will be higher a year from now were at the highest since April 2020, a reading that hit during the tumultuous early ​stages of the COVID-19 pandemic.

Survey respondents also said that in October they saw a greater chance ​of involuntarily losing a job, although that expectation was still at relatively low levels. ⁠But they also said their chance of finding new work after a job loss was higher in ​October.

The negative bent on the outlook for the job market came in a release that found respondents expecting ​future price gains to be steady at levels that are nevertheless well above the Federal Reserve’s 2% inflation target.

Respondents see inflation a year from now at 3.9%, three years from now at 3.3% and five years from now at 3%, all ​levels that matched the September survey. Expectations across a range of commodities were mixed, with households seeing ​a more moderate increase in gasoline prices a year from now than they saw in September.

On Friday, the government reported ‌that the ⁠job market showed unexpected strength in October, with a 165,000 gain and a jobless rate ebbing to 4.1%, amid strong upward revisions to recent hiring data. Fed officials have regularly referred to the job market as low-hire, low-fire.

The survey found that households’ view on their current financial situations improved a bit relative to September ​while expectations over finances a ​year from now were ⁠steady in October. October’s reading on access to credit now and in the future was unchanged.

The New York Fed report was conducted over the course of October ​as Americans were in the run-up to pivotal midterm elections that ultimately led to ​broad-based Democratic ⁠gains, including control of both houses of Congress.

Voters went to the polls as other surveys showed a sour mood across the nation. Americans have struggled with the high inflation unleashed by President Donald Trump’s trade tariffs and Middle East war.

The ⁠New York ​Fed report is most closely watched for its readings on the ​outlook for inflation. Fed officials are broadly expected to raise interest rates at the early December policy meeting as they work to bring ​current levels of inflation back to target.

Uploaded by Siow Chen Ming