Americans are feeling lousy about getting a significant raise in the next year as their view of the labor market sours, according to a Tuesday report from the New York Federal Reserve.

In the New York Fed’s September consumer expectations survey, respondents anticipated a pay hike of just 2.4% over the next year, the lowest level since April 2021, while expectations for the unemployment rate rising increased by 2 percentage points from August to 41.1%. Consumers’ expectations of losing work in the next year similarly increased.

Notably, in August, survey respondents’ perceived probability of finding work soon after losing their current job also hit a record low of 44.9% in data going back to June 2013. That measure rebounded a bit in September to reach 47.4%, according to the New York Fed.

It makes sense that Americans feel slack in the job market. While layoffs remain low, employers’ hiring plans are still remarkably weak, leaving some people stuck in unwanted positions while others — especially young people — are having trouble finding work. Still, thanks to the government shutdown delaying official data releases, it’s unclear if the unemployment rate actually rose in September, though private data has continued to show signs of a labor market slowdown.

The New York Fed survey showed that consumers anticipate higher prices alongside sluggish pay growth. Expectations for inflation the year ahead increased from 3.2% to 3.4% in September.

Official September inflation data, which may also be pushed back amid the government shutdown, is scheduled for release on Oct. 15.

Read more: How a government shutdown impacts student loans, Social Security, and more

Emma Ockerman is a reporter covering the economy and labor for Yahoo Finance. You can reach her at emma.ockerman@yahooinc.com.

Sign up for the Mind Your Money newsletter

Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more

Read the latest financial and business news from Yahoo Finance