Workers’ confidence in their career progress is falling — and other happenings in the world of work

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Catch up on the headlines from the last 7 days.

• Workers’ confidence in their career growth has fallen to pandemic-era lows, new LinkedIn survey data shows. Read more about this below.
• A key price gauge showed that inflation slowed for a second month in June, deepening expectations for interest rate cuts in the coming months. The U.S. Personal Consumption and Expenditures Index slipped to an annual rate of 2.5% as gasoline prices declined, down from 2.6% in May. The gauge, preferred by the Federal Reserve, is the last important data it will see before setting rates on Wednesday — when it's widely expected to hold them steady. ✏️Cate Chapman
• U.S. gross domestic product grew much faster than expected in the second quarter, signaling the economy’s resilience amid high borrowing costs. GDP expanded at an annualized rate of 2.8%, the Bureau of Economic Analysis said last week — double the 1.4% pace seen at the beginning of the year and well above the 1.9% rate forecast by economists. ✏️Cate Chapman
• Home sales failed to bloom this spring. Closings on existing homes fell to an annualized rate of 3.89 million, according to the National Association of Realtors, representing a 5.4% drop from May and the fourth consecutive month of declines. Slumping sales haven’t translated to lower prices, which continue to climb amid low inventory. ✏️Melissa Cantor
• Some return-to-office mandates push employees to commute or quit. What’s more? One recent survey found that one in five HR leaders meant for RTO mandates to spark voluntary turnover. Separate research shows these mandates disproportionately impact women, with  two-thirds of leaders who instituted an RTO mandate reporting an uptick in female talent quitting.
• An audience of 28.6 million tuned in to the Paris Olympics opening ceremony on NBC, the largest viewership for the event since London in 2012, according to Nielsen and Adobe Analytics data.✏️Jake Perez

Take a closer look at recent trending topics — and engage with meaningful conversations happening on LinkedIn.

Career confidence ebbs to a new low

• American workers are feeling more and more pessimistic about their career prospects, according to LinkedIn’s latest Workforce Confidence survey. Workers’ confidence in their ability to progress in their careers over the next year has fallen by five points since the start of the year, notching the lowest level since the survey began in 2020. 
• At the height of pandemic-driven workplace shutdowns, the average career score was +28, on a scale from -100 to +100. That figure rose steadily over the following years, peaking at +36 in early 2023. Now, career confidence is +24. The drop is particularly pronounced for men, who have historically reported higher rates of career confidence than women.
• Rojo Mathai, a tech executive, commented some likely factors influencing this include the political climate of an election year and the emergence of generative AI. He recommended workers looking to up their confidence and optimism find small ways to enjoy their work, seek out social interaction and lean into change.

More Americans skip having kids

• Almost half of Americans under 50 (47%) say they’re unlikely to have children, new survey data from Pew Research Center shows. That’s up 10 percentage points from 2018. 
• One driving reason many are deciding against growing their families? They don’t want to and would rather focus on other things, like their jobs. The vast majority of adults under 50 reported not having children makes it easier for them to have hobbies and interests, save for the future and become successful in their careers.
• Jennifer Reyes, a millennial software engineer, said she is personally opting against having children for the sake of her career but is worried about the potential uneven workload it could create on her team. “Having to pick your children up from extracurriculars should not excuse you from your portion of the project,” she commented. The Pew survey found one-third of childless adults report they’ve been expected to take on extra work or responsibilities. 

Rise in workers with disabilities

• July is Disability Pride Month, marking the anniversary of the Americans with Disabilities Act (ADA) being passed into law in 1990. Thanks in part to the opportunities created by the ADA, as well as the rise of remote work, the number of people with disabilities joining the workforce has been increasing — reaching record levels over the past three years, according to data from the Bureau of Labor Statistics. 
• A recent analysis from LinkedIn’s Economic Graph team suggests an increase in more amenable company policies and accommodations like remote work are contributing to this trend. Those with disabilities are most likely to work in certain job functions, including military and protective services, media, social services and education.
• Cheryl Lucas, a healthcare professional and disability advocate, commented that business leaders who prioritize “minor accommodations,” including paid time off and flexible working arrangements, ultimately foster a more inclusive, productive work culture. Doing so “recognizes the humanity of all people” while “creating a work of difference when it comes to self-sufficiency and self-esteem” of employees regardless of disability status.

Get ready for the week by seeing what’s coming up.

Tuesday, July 30:

• The Conference Board will release its monthly Consumer Confidence Survey, which measures how optimistic Americans are about the economy.
• The Bureau of Labor Statistics will release the Job Openings and Labor Turnover survey for June, which measures job vacancies across industries.

Wednesday, July 31:

• The Federal Reserve Open Market Committee will meet to set interest rates.

Thursday, August 1:

• The U.S. Department of Labor will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
• The Institute for Supply Management will release its monthly Purchasing Managers’ Index, which tracks if the manufacturing sector is expanding. A non-manufacturing version lands the following week.

Friday, August 2:

• The Bureau of Labor Statistics will release the July jobs report. The monthly release tracks the unemployment rate and how many jobs were added to the economy.

ICYMI: LinkedIn recently launched a series of thinking-oriented daily games for members. Check them out by clicking here.