Americans Express Growing , Concern About Job Security , Amid Housing Crisis.
'Newsweek' reports that elevated mortgage rates and high inflation have led to more Americans becoming fearful about job security.
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According to the Fannie Mae Home Purchase Sentiment Index, people in the U.S. are also growing more pessimistic about the housing market.
According to the Index, consumers' personal economic situations are , "showing signs of strain, including lower year-over-year household incomes and a reduced sense of job security.".
In our view, all of this points to home purchase affordability remaining a problem for the foreseeable future, which we forecast will keep home sales sluggish into next year, Doug Duncan, Fannie Mae senior vice president and chief economist, via 'Newsweek'.
The latest report shows the number of Americans not worried about losing their job dropped from 78% to 75%.
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Those who expressed concern that they might lose their job increased from 22% to 23%.
'Newsweek' reports that the Fannie Mae Index also showed that household income has failed to climb in 2023, compared to previous years.
A separate Ipsos survey found that concerns about job security started climbing in 2022.
At the time of the survey, over 40% of those polled expressed worry that they or someone they knew would lose their job in the next six months.
A more recent study by Morning Consult in June of 2023, found that 75% of people were concerned about widespread job losses.
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A more recent study by Morning Consult in June of 2023, found that 75% of people were concerned about widespread job losses.
