The Globe and Mail reports in its Tuesday, Aug. 20, edition that on Wednesday, officials will receive revised payroll data, which economists believe may reveal weaker job growth. A New York Times dispatch to The Globe reports that a new survey from the Federal Reserve Bank of New York shows increasing concern among Americans about potential job loss, a worrying sign as economists monitor the job market closely. The New York Fed's July labour market survey reported an increase in the expected likelihood of unemployment to 4.4 per cent, up from 3.9 per cent the previous year. The data also showed signs of a deteriorating labour market, with people leaving or losing jobs, lowering salary expectations, and anticipating working past traditional retirement ages. The share of workers who reported searching for a job in the past four weeks jumped to 28.4 per cent -- the highest level since the data started -- up from 19.4 per cent in July, 2023. The survey suggested that meaningful fissures may be forming in the labour market. Officials will receive payroll revisions data Wednesday, and economists think those figures could show that job growth in 2023 and early 2024 was weaker than previously reported.
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