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How Aware Is the Public of Labor Market Conditions?

Author

Listed:
  • Marianna Kudlyak
  • Brandon E. Miskanic

Abstract

Consumers’ perceptions of labor market conditions have historically aligned closely with the unemployment rate. However, the two diverged during the pandemic, when the unemployment rate spiked while people’s views of the labor market remained more positive. This raises the question of whether public perceptions around the labor market have become untethered from the data. Measuring labor market conditions using the jobless unemployment rate, which excludes temporary layoffs, suggests this is not the case: the historical link between people’s perceptions and measured labor market conditions has remained strong.

Suggested Citation

  • Marianna Kudlyak & Brandon E. Miskanic, 2024. "How Aware Is the Public of Labor Market Conditions?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2024(25), pages 1-6, September.
    • Handle: RePEc:fip:fedfel:98883
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