The share of American consumers who are confident they will not lose their job over the next twelve months fell in September, according to a survey by mortgage giant Fannie Mae.
Fannie Mae measures job security as part of its monthly Home Purchase Sentiment Index. In September, the survey showed confidence in not loing a job falling to 69 percent, down from 77 percent a month earlier. This was the second straight monthly decline in this component of the index.
“Consumer sentiment remains relatively strong overall, though uncertainty about the economy and individual financial circumstances appear to be weighing on housing market attitudes a bit more than a month ago,” said Fannie Mae chief economist Doug Duncan. “Job confidence remains high but still well shy of its July reading.”
The September reading is the lowest since the summer of 2018.
The overall index fell 2.3 points in September to 91.5, retreating from a survey high in August. The fall in job security and a decline in confidence that home prices would rise contributed to the overall drop. These were partially offset by increases in the “Good Time to Buy” and “Good Time to Sell” components.
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