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The Public’s Perception of the Labor Market Continues to Worsen

More evidence of labor market cooling. 

A "Now Hiring" sign at Gerrity's Supermarket in Scranton, Pennsylvania, U.S., on Thursday, Feb. 24, 2022. Scranton, 

A "Now Hiring" sign at Gerrity's Supermarket in Scranton, Pennsylvania, U.S., on Thursday, Feb. 24, 2022. Scranton, 

Photographer: Hannah Beier/Bloomberg

The latest Conference Board Consumer Confidence survey shows ongoing deterioration in how the public views the economy overall. The obvious culprit is inflation levels at multi-decade highs, which as Walmart noted yesterday is squeezing purchases of other discretionary goods. 

There’s also another factor that’s turning things lower: Perceptions of labor-market strength have fallen to their lowest level since around May 2021.