NerdWallet: The industries where jobs are most at risk of layoffs in 2023

by | Jan 30, 2023 | Stock Market

This article is reprinted by permission from NerdWallet.  Tech and media layoffs have gotten the most headlines lately. But combined, the two high-profile industries account for only about 5% of U.S. employment, according to the U.S. Census Bureau.

Other industries are also cutting jobs, including the auto industry, manufacturing and financial services. Unemployment is expected to deepen as the Fed slows the economy in a continuing effort to tame inflation.  What jobs are most at risk and which are the most secure? And what if you still have a job or are looking for one as the economy transitions?2023 jobs most at risk Outsource Accelerator, an offshore workforce marketplace, analyzed data from the U.S. Bureau of Labor Statistics to determine industries with the highest layoff rates in 2022 to calculate potential layoffs in 2023. It will probably come as no surprise, but the arts, entertainment and recreation industry topped the list with the lowest job security and the highest layoff rate last year: 2.98%. If that layoff trend continues this year, it would equal an average of 69,400 jobs cut — per month. Construction jobs were the next most at risk, with an average layoff rate of 1.8%, equal to 139,200 workers losing jobs each month. Plus: More than 55,000 global tech-sector employees have lost jobs in 2023: layoff-data tracker Even one of the broadest employment areas, professional and business services, had a 1.56% layoff rate. It represents a massive swath of in-office careers with 22.6 million employees, including accounting, advertising, computer services, engineering and more. A similar layoff trend in 2023 would represent a monthly average of 353,000 people losing their jobs. Of course, there’s the time-worn investment disclaimer that “past performance …

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