NEW YORK (MainStreet) — Confidence in job security is high in the U.S., but less than a third of Americans are very confident they have the right skills to land another gig in a jam, according to a new survey from TheStreet conducted by GfK.
Some 87% of respondents said it was not too likely or not at all likely they’d lose their job in the next 12 months. By contrast, only 13% feared they were very or somewhat likely to lose their job.
But though job security confidence is robust, it’s not all honky-dory in the employment landscape. The unemployment rate dropped to 5.4% and 223,000 nonfarm jobs were added in April, according to the Jobs Report released today – after a weak March Jobs Report that added but 126,000 nonfarm payrolls. But wage growth in April was particularly disappointing, up a meager 0.1% from March and just 2.2% year-over-year.
A key metric to gauge true labor market confidence is the proportion of people voluntarily jumping ship, and though Americans may claim high confidence in job security, the proportion of workers who are voluntarily quitting is much lower than this far along in past recoveries, according to Robert Johnson, associate director of economic analysis with Chicago-based Morningstar. The annualized quit ratio as of February 2015 was 1.9%, down from 2.2% as of February 2007, according to the Job Opening and Labor Turnover Report.
That Americans’ confidence is overwhelmingly healthy when it comes to job security demonstrates we are greatly improved compared to the period of mass layoffs that characterized the Great Recession. Still, we’re not entirely out of the woods.