41% of Workers Believe We’re Already in a Recession

Limiting job offers: 36 percent say their company has restricted hiring
Letting staff go: 13 percent say workers have been laid off
Restructurings taking place: 19 percent say companies have undertaken a major reorganization
Feeling secure: Despite shakeups, 80 percent feel their job isn’t in jeopardy

Amid debate about whether the US is in a recession, a new survey reveals 41 percent of workers believe we are.

The Conference Board survey also finds that businesses are already taking precautionary measures. Indeed, 36 percent of survey respondents say their company has already begun to restrict hiring to crucial roles, and 13 percent say layoffs have been conducted. Workers aren’t worried, however, with 80 percent feeling secure in their jobs. In fact, workers are more worried about a declining stock market than the possibility of losing their job.

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“Amid historically low unemployment in the US, this recession will be significantly different from prior downturns,” said Rebecca Ray, PhD, Executive Vice President of Human Capital at The Conference Board. “Businesses should be mindful of the lessons learned from the COVID recession, when those that furloughed or laid off workers saw just how hard it can be to get that talent back. As we face another recession—which The Conference Board projects will begin later this year—leaders should explore alternatives to layoffs and furloughs, such as offering incentives for voluntary separation.”

The latest workforce survey from The Conference Board polled more than 1,000 individuals—predominantly professional/office workers—from July 29-August 4. Respondents weighed in on recession expectations and fears, as well as what measures their businesses have taken.

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Key findings include:

41 percent of respondents think we are already in a recession.
Given the current economic climate, do you believe we will have an economic slowdown/recession in the US?

• 41 percent of respondents think we are already in a recession.
• 33 percent believe we will be in a recession within six months.
• More white respondents say we are already in a recession than other races/ethnicities

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