America’s least educated face worst job expectations since 2014
Nov. 9, 2020 at 2:49 pm Updated Nov. 10, 2020 at 9:39 am
The New York Stock Exchange building in New York on Oct. 2, 2020. (John
Taggart / The New York Times)
By Alex Tanzi
U.S. workers with only a high-school education or less continue to fall
further behind, a New York Federal Reserve consumer survey showed.
The expectation of being able to replace a lost job declined to 38.9% in September, the lowest reading since April 2014, the report released
Monday showed. That compares with more than 48% for people with at least
some college and more than 50% for those with a bachelor’s degree.
The least educated expected their one-year earnings growth to be just
1%, the lowest since the survey started in June 2013. Those with at
least some college expected double that amount.
Less-educated workers don’t think they can relocate to areas where
employment prospects might be brighter, according to the survey. That
led to the largest gap in two years in moving expectations between the
least educated and those with a college degree.
Low savings rates also are expected among the least educated, the Fed
The Fed’s survey of consumer expectations questions a rotating panel of
1,300 household heads across the U.S. Respondents participate in the
panel for up to 12 months, with a roughly equal number rotating in and
out of the panel each month.
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