30% of US Workers "Feel Job Insecurity"... Employers Also Worried

About 30% of American Workers
Worried About Potential Layoffs
Concerns Grow Over Employers' Business Continuity

As uncertainty grows in the U.S. economy, a survey revealed that about 30% of American workers are anxious about potential layoffs. Concerns about whether employers can continue their businesses have also increased.

Response to concerns by worker category. Data=Federal Reserve Bank of Philadelphia January Survey Report

Bloomberg News reported on the 27th, citing the January survey results from the Philadelphia Federal Reserve Bank, that 30.3% of U.S. workers worry about the possibility of being laid off by their employers. This figure is 3.0 percentage points higher than six months ago.

By age group, workers aged 18-35 and 56-65 expressed the highest concerns about unemployment in at least the past two years. In particular, among respondents aged 18-35, the percentage who said they were worried about making a living in the next six months rose from 36% in July last year to 40% last month.

During the same period, anxiety about whether employers could maintain their current businesses also increased, with related responses rising 4.4 percentage points to 29.7%. The response rate to questions about the likelihood of exposure to illness at work was 34.7%, the highest among seven categories.

On the other hand, high-income earners responded positively about prospects following President Trump's election. Among those earning $150,000 (approximately 216 million KRW) or more, the percentage expressing concern about making a living within 7 to 12 months decreased from 27.5% in October last year to 21.1% last month.

However, even high-income Americans are reportedly making efforts to increase income through loans or side jobs and reduce expenses to maintain their livelihoods.

Overall, 14.4% of respondents said they sought additional jobs in the past year, the highest rate since the survey began in January 2023. The response rate was 25.2% among those aged 18-35 and 3.0% among those aged 66 and older.

More than one in six high-income consumers withdrew money from retirement accounts in the past year due to budget pressures.

The Philadelphia Fed conducts quarterly surveys on labor, income, finances, and expectations with 5,000 people nationwide. This survey was conducted from December 19 last year to January 6, targeting working adults.