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US consumers are more confident about jobs, but income expectancy recedes, says NY Fed

American consumers are more optimistic that the worst of the economic crisis caused by the coronavirus stayed behind, but are still concerned about their earnings and their ability to find new jobs if they become unemployed, according to a survey released Monday by the Federal Reserve of New York.

Workers were less concerned about becoming unemployed, with consumers saying that there is an average 15% chance of losing their job next year. This is the lowest level since February, when consumers registered a 13.8% chance of losing their job in the next 12 months.

Consumers also expressed more confidence in their ability to pay bills. The probability of not paying an account in the next three months dropped to an average of 9.8% in June, the lowest since the survey began in 2013, and a substantial drop from 16.2% in April.

The change reflects the job market. The US unemployment rate rose to 14.7% in April, when companies closed to limit the spread of the virus. As some companies hired workers back, the unemployment rate dropped to 11.1% in June.

However, more than 32.9 million people obtained unemployment benefits checks in the third week of June, suggesting that the job market is years away from a full recovery.

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