March 2011: Job security

Financial Security Index survey chart

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How do you feel about your job security today compared to 12 months ago?

  • The number of people feeling more secure about their jobs rose just 1 percent from February, despite recent declines in the unemployment rate.
  • The number of people feeling less secure about job security actually rose from February, to 21 percent from 18 percent.
  • Workers under 30 were the most confident, with 24 percent feeling more secure about their jobs.

It could take several more years …

Mark J. Perry, Ph.D.

Professor of finance and business economics at the University of Michigan-Flint

Almost all economic indicators are now pointing to a U.S. labor market that is making solid gains and experiencing ongoing improvements. Compared to a year ago, the economy has added 1.5 million private sector jobs, the unemployment rate has fallen from 9.7 percent to 8.9 percent, and manufacturing overtime hours reached a four-year high. And yet, despite all of the positive indicators of an economy and job market in a strong recovery, Americans appear to remain somewhat nervous about job security. Perhaps that is understandable given the reality that we are probably in a "jobless recovery" that could last into 2012. It could take several more years of strong job growth and a much lower jobless rate before Americans really feel confident about their job security.

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