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Confidence in the U.S. job market has reached an all-time low, according to the latest survey from the New York Federal Reserve.

The report found that workers now see only a 45% chance of securing a new job if they lost their current one — down six points from the previous month and the lowest level recorded in the survey’s history.

Concerns about the broader labor market are also rising. Survey respondents put the likelihood of a higher unemployment rate one year from now at 39.1%, a jump of 1.7 percentage points from July.

The weakening confidence comes as the manufacturing sector shows continued strain. According to the August jobs report released Friday, U.S. manufacturers employed 78,000 fewer workers than a year ago, with the sector posting four consecutive months of job losses.

Analysts say tariff impacts and shifting demand are major contributors to the decline

Worker Confidence Hits Record Low as Manufacturing Jobs Decline, Federal Survey Shows