American workforce confidence dips as job insecurity looms
CALIFORNIA, UNITED STATES — A recent LinkedIn survey revealed that Americans are growing less confident about employment as inflation and job insecurity persist. The declining worker confidence is particularly prominent among unemployed Americans.
LinkedIn Market Research surveyed a total of 78,988 professionals in the U.S. from March 11, 2023 to April 5, 2024. Results showed overall workforce confidence dropped two points since January on a scale from -100 to +100.
The decline appears driven by growing pessimism around job prospects and career advancement. Compared to March 2023, workers’ confidence in finding a new job or keeping their current role fell 4 points, while their outlook on progressing in their careers this year dropped 3 points.
Unemployed American workers hit hardest
The survey reveals unemployed Americans have been disproportionately impacted by shaken workforce confidence. After a spike in confidence about getting hired in January (+12 points), unemployed individuals’ confidence plummeted to -2 by April.
LinkedIn News editor Rachel Cromidas reported that “it’s typical for active job seekers to be less confident about getting and holding a job compared to the average U.S. worker. “This year, that trend is particularly pronounced for unemployed Americans.”
Inflation and layoff fears persist
The dip in overall workforce confidence follows a 4-point decline from 2023’s peak levels in the year’s final months. While worker optimism usually rises in January, 2024’s boost has proven short-lived amid economic headwinds.
“Current confidence scores could be reflecting a leveling out of sentiments after new year’s optimism, as well as pessimism about inflation and ongoing layoffs,” said Cromidas.
The results of this latest survey follow LinkedIn’s global research in October 2023 which found the confidence of workers and job applicants in eight countries decreased or remained low.
In the United Kingdom, a Robert Half Jobs Confidence Index found that 58.4% of workers feel confident about their job security amidst low unemployment, high vacancies, and nominal wage growth outpacing inflation.
