If you are looking for the reason Consumer Confidence Plunged to 44.5, Lowest Since April 2009 the answer can be found in a recent Gallup poll regarding fear of being laid off.
Please consider In U.S., Worries About Job Cutbacks Return to Record Highs
American workers’ concerns about various job-related cutbacks have returned to the record highs seen in 2009, after improving slightly in 2010. In terms of the most significant employment risk measured, 3 in 10 workers currently say they are worried they could soon be laid off, similar to the 31% seen in August 2009 but double the level recorded in August 2008 and for several years prior.
Separately, 30% of workers say they are worried their hours will soon be cut back, and 33% worry their wages will be reduced. An even larger number, 44%, worry their benefits will be reduced, making this the most prevalent job-related concern.
Workers are least likely to be concerned that their company will move jobs overseas; however, at 13%, this is by one percentage point the highest level of concern since Gallup began measuring it in 2003. Most of the five items tested are at or near record highs this year.
Why Only 13% Worry About Jobs Leaving Overseas?
Some may be wondering why so few worry about jobs leaving for overseas.
The answers are straight-forward.
- So many have already lost their jobs overseas so they are no longer worried about it
- Those working in government positions have no such fear
- Those working at retail stores such as Pizza Hut, Nail Salons, Home Depot, the corner bar, and Walmart have no such fear
- Those working in most healthcare positions, especially doctors and nurses have little fear for now even with medical tourism
- Those working in education have little fear for now even though online education will someday instill that fear
- Some simply do not understand the risks
Mike “Mish” Shedlock
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