With employers downsizing and slashing budgets, fear of layoffs is rapidly escalating among workers. Tharon Green/CNET
Workers across all industries are bracing for a challenging economy and a brutal job market. According to a survey by Indeed, nearly half (46%) of US employees are concerned about layoffs in the next year.
The Trump administration's cuts across federal agencies, health organizations and nonprofits have led to hundreds of thousands of layoffs. As employers reduce personnel and freeze plans to hire new workers, mass cuts are happening in the tech industry, entertainment and education. The number of people filing for jobless benefits is rising, and job seekers are spending months, even years, looking for new employment.
ZipRecruiter's Career Expert Sam DeMase said that preparing for a job loss while you're actively employed helps you avoid having to scramble during a crisis. "Being proactive can really help give you some peace of mind if a layoff does happen," DeMase said.
Read more: Why Can't I Get a Job Right Now? 9 Expert Tips to Stand Out to Recruiters
Walking a precarious tightrope
Economic anxiety and job insecurity are peaking, with households preparing to survive a potential recession. Experts warn that a global economic slowdown could uproot the US labor market as businesses adjust profit expectations and trim budgets.
"We are living in a time of pretty radical uncertainty," said Lisa Countryman-Quiroz, CEO of JVS Bay Area, a career training nonprofit in California.
Though the official unemployment rate is still considered low by historical standards, job seekers feel the labor market is contracting. When employers pull back on open postings, there's a high level of competition among eligible applicants. On average, a layoff could leave you unemployed for 10 months or longer.
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