Nearly 80% of Americans fear losing their jobs in a recession

The finding is from a recent survey by human resources firm Insight Global, which also found that 54% of workers would accept a pay cut if it meant keeping their jobs.

Nearly four out of five workers in United States fear losing the job during a possible recessiona sign of the high level of anxiety among Americans about the growing prospects of an economic slowdown.

The finding is from a recent survey by human resources firm Insight Global, which also found that 54% of workers would accept a pay cut if it meant keeping their jobs. A similar share don’t believe their job is recession-proof.

A growing number of economists predict a US recession over the next 12 months as the Federal Reserve steps up its fight against inflation. Price increases outweigh wage gains and hurt Americans’ purchasing power, leading many to conclude that the crisis has already begun.

Despite this, the labor market remains strong for now, with the US unemployment rate expected to be near the lowest level in more than 50 years for the month of June, when government data is released on Friday. Layoffs are at historically low levels despite isolated announcements of job cuts at companies like Netflix and Tesla.

But Americans have good reason to fear for their job security — nearly nine out of ten managers at American companies said they would “probably” have to lay off employees during a recession, according to a survey in June.

There are signs that workers are already under pressure. US jobless claims last week rose slightly to the highest level since January, suggesting labor market strength is waning.

About 56% of American workers say they don’t feel financially prepared for a recession or don’t know how to prepare for one. Among demographic groups, women and millennials feel most insecure.

Source: Bloomberg