Americans are increasingly concerned about losing their jobs as elevated mortgage rates and inflationary goods keep them worried about paying for basic necessities like food and housing.
As the Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index shows, customers are increasingly pessimistic about the housing market and a key factor could be Americans’ reduced job security.
Carl Van Horn, the director of the Heldrich Center for Workforce Development at Rutgers University, told Newsweek: “The increase in job quitting is driven by historically low levels of unemployment. The surge in job openings creates opportunities for employed and unemployed Americans to leave their current jobs and find better jobs that pay more or give them more flexibility for when and where they work.”
The number of workers quitting their jobs jumped from 3.62 million to 3.64 million since July, with layoffs staying steady at 1.68 million.
Americans are dealing with increased rates of financial stress as they continue to navigate inflation’s impact across all retail sectors.