Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
Americans' outlook for the job market and their personal finances deteriorated sharply in April as the coronavirus pandemic forced the U.S. economy to come to a near standstill, according to a survey released Monday by the New York Federal Reserve.
Consumers' perceived probability of losing their job in the next year surged to a series high for the second consecutive month at 20.9 percent, the Fed said in its latest Survey of Consumer Expectations.
But the perceived probability of finding a job within the next three months plunged by 6.1 percentage points to 47 percent in April, marking the largest month-to-month decline recorded since the start of the survey in 2013.
With millions of Americans out of work due to the virus outbreak -- in the two months since the virus outbreak forced a broad shutdown of businesses, more than 33 million workers have filed for unemployment benefits -- median household income growth expectations plummeted to 1.9 percent in April, hitting a new series low.
Nearly 22 percent of respondents anticipate that their household income will also decrease over the next year.
About four in 10 respondents said their financial situation is worse off today than a year ago, up from 30 percent in March and 15 percent in the year-ago period.
The survey is a monthly poll based on a rotating panel of 1,300 households.