These Jobs May Be Most at Risk of Layoffs in 2023 — Should You Find a New Gig Now?
Last week’s job report was a huge boost to the American economy, with 517,000 new jobs added (much more than the 187,000 projected by analysts) and unemployment at a 54-year low of just 3.4%. But, even with a healthy job market, many people are still being laid off.
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The latest round of layoffs comes from computing giant Dell — it aims to soon slash 6,650 jobs and cut 5% of its global workforce, according to CNBC. Other industries besides tech are feeling pressure, such as the auto industry and manufacturing. Marketwatch projected that “unemployment is expected to deepen as The Fed slows the economy in a continuing effort to tame inflation.”
To calculate which jobs may be most at risk of layoffs this year, Marketwatch tapped into the analytical tools of workforce marketplace Outsource Accelerator. Outsource Accelerator took data from the U.S. Bureau of Labor Statistics related to which sectors had the highest layoffs in 2022, then used said data to create a projection concerning what may come this year.
Here are the three industries found to have the least job security and how many jobs may be lost each month of this year:
Arts / entertainment / recreation (layoff rate: 2.89%, possible jobs lost per month: 69,400).
Construction (layoff rate: 1.8%, possible jobs lost per month: 139,200).
Professional and business services (layoff rate: 1.56%, possible jobs lost per month: 353,000).
Conversely, there are some industries that were shown to have improved job security, as noted in the report.
Here are the three industries that had the best job security (per the data) and their low layoff rates:
Federal government roles (layoff rate: 0.22%).
State and local education (layoff rate: 0.3%).
Finance and insurance (layoff rate: 0.4%).
According to many financial experts, the market still remains in employees’ favor given the fact that there are so many jobs to fill — and that employers are having a hard time retaining talent in an era known for terms like The Great Resignation and “quiet quitting.”
Carin Van Vuuren, chief marketing officer at Greenhouse, said, “The power will remain in candidates’ hands and they will continue to be selective about who they work for and where — this could be the first recession that we see job seekers win,” per Fortune.
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“In the coming year hiring will likely proceed at a slower pace and layoffs will likely increase,” Adam Blandin, assistant professor of economics at Vanderbilt University, said, according to Fortune. “However, the backlog of jobs that need to be filled is large, so this does not mean that jobs will become scarce any time in the immediate future.”
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This article originally appeared on GOBankingRates.com: These Jobs May Be Most at Risk of Layoffs in 2023 — Should You Find a New Gig Now?
