Storm clouds have been coming for a while. The invasion of Ukraine, high inflation, and the current cost of living are cited by economists and executives as reasons for the worst.
Workers are uncomfortable in their chairs despite enjoying a tight labor market. According to Insight Global, 80% of U.S. employees are scared about their job security in the event of a recession.
Managers who responded to the poll said they would likely need to lay off workers.
In June, it was reported that Coinbase was planning to reduce 18% of its workforce after the value of the digital currency fell. There have been layoffs due to subscriber loss.
According to Layoffs.fyi, more than 16,000 tech employees were let go in May, but the job postings site saw no drop off in data.
In June, as the month was getting fat, Musk said he would let go of 10% of his staff. The future labor market is not sound for office workers.
White-collar workers will find gross excess in the labor market, pressuring wages at the end, as a result of the bifurcated labor market. White-colllar workers are screwed.
The job market is strong despite all the fears. 372,000 jobs were added in June according to the most recent US jobs report. There are still two jobs for every person who is out of work.
The survey shows that layoff anxiety is the same for both workers and managers.
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