Yet another recession-​​triggered split in the con­sumer sector is becoming more evi­dent: Higher job secu­rity among those with a job versus dwin­dling hope for the long-​​run unemployed.

The growing gap is recasting the con­sumer sector and raises ques­tions on how it will sup­port eco­nomic growth.

Recent reports show workers are feeling fewer job jitters.

The Survey of Con­sumers Expec­ta­tions released Monday by the Fed­eral Reserve Bank of New York shows workers on average give a prob­a­bility of 16.15% of losing their cur­rent job, the lowest reading since July. In addi­tion, the latest U.S. house­hold survey done by the Royal Bank of Canada indi­cates only 22% of workers fear they may lose their jobs. That is the lowest reading in three years.

How­ever, just because people with jobs are wor­ried less about losing them doesn’t mean long-​​run job-​​seekers are having an easier time of finding work.

The share of long-​​term job­less among total unem­ployed has been stuck around 37% for about the last year. Prior to the last reces­sion, the share hit 26% after the 1981–82 down­turn but never ran for more than a month or two above 23%, not even during the pre­vious job­less recoveries.

Read the article at The Wall Street Journal →