US Job Market Pessimism Hits Highest Level Since 2009 Amid Hiring Slump
American workers are feeling increasingly gloomy about the job market. A new report from The Conference Board shows consumer confidence in February stood at just 91.2—close to pandemic-era lows. Many now view their current situation and future prospects as the worst since 2009.
The outlook for jobs has darkened significantly over the past two years. In mid-2022, 70% of workers believed it was a good time to find employment. Now, only 28% share that view, while 72% say it is a bad time. Young workers, aged 18 to 34, are particularly pessimistic, with fewer than 2 in 10 seeing opportunities. Even college graduates, usually more optimistic, are struggling—just 19% think quality jobs are available.
The hiring rate has fallen sharply, from a pre-pandemic peak of 3.9% to 3.2% last November—the lowest since March 2013. More people still say jobs are 'easy to get' than 'hard to find,' but that gap has shrunk steadily. Meanwhile, unemployment numbers (7.4 million) now exceed job openings (6.9 million), adding to the strain. Projections suggest the slowdown will continue. Job growth is expected to weaken through 2025, with a net loss of 92,000 jobs in February 2026 and unemployment rising to 4.4%. Factors include stricter immigration policies cutting labour inflows by 75%, ongoing skill mismatches, and downward revisions to job gains (such as 400,000 fewer in 2025). Wage growth remains flat, real disposable income is falling, and businesses appear stuck in a 'slow hiring, slow firing' pattern.
The latest figures paint a bleak picture of the US labour market. With fewer jobs available, stagnant wages, and rising unemployment forecasts, workers face growing uncertainty. The shift from optimism to caution reflects broader economic challenges that show no immediate signs of easing.
