Record High Number of Americans Now Fear Losing Their Jobs

Every day the jobless recovery seems to continue its surge… especially the jobless part. Now, according to Gallup, about 21 percent of the US workers who actually remain employed believe it’s “very” or “fairly” likely they’ll get fired or downsized within the next year. That’s the highest level since Gallup began gathering the data back in 1975.

According to Gallup:

“Further reflecting today’s lack of job security, 38% of Americans employed full- or part-time say they are ‘not at all likely’ to lose their jobs over the next year — down 19 points from April 2007, and by far the lowest level of self-professed job security Gallup has measured since 1975.

“Many Could Not Replace Their Current Jobs

“American workers are not optimistic about replacing their current jobs if they are laid off: 42% say they would be ‘very’ (16%) or ‘somewhat’ (26%) likely to find another job ‘just as good as the one [they] have now.’ This is down from 64% in April 2007 and 70% in April 2001…

“…Today, Americans are feeling particularly vulnerable if they lose their job. Many don’t think they can replace their current job with one just as good. Also, nearly half can’t go more than a month without a paycheck before encountering significant financial hardship.”

Americans aren’t feeling secure about their current jobs, they aren’t confident they could replace their work if lost, and they can’t afford to be out of work for very long without suffering financial hardship. It’s just about the worst combination one could imagine from the pool of workers that are still able to clock in on a daily basis.

You can see several charts highlighting this information and read more details in Gallup’s coverage of how one in five Americans fear job loss in the next 12 months.


Rocky Vega,
The Daily Reckoning