Aug 25, 2021 - Economy

U.S. workforce bullish on job security despite Delta variant

Source: Morning Consult/Axios Inequality Index; Chart: Axios Visuals
Source: Morning Consult/Axios Inequality Index; Chart: Axios Visuals

Even as the Delta variant continues to spread across the U.S., America’s workforce is relatively unconcerned about its job security.

Driving the news: According to the latest Morning Consult/Axios Inequality Index survey, the share of individuals who think they might lose their jobs in the next four weeks is far lower than when the wave of COVID outbreaks hit last fall.

Why it matters: The survey responses imply that workers across all income brackets aren’t bracing for another round of business closures or lockdowns in response to the virus. It may also show increasing awareness of the shifting power dynamics — in favor of workers — wrought by the Great Resignation.

The details: About 17% of individuals making less than $50,000 per year said they are worried about job loss in the next month, down from 18% in July — and compared to 28% last November and December.

  • Of those making $50,0000-$100,000 per year, 11% are worried about their job security. That’s actually up from 10% last month, but it’s down from 21.5% last November.
  • In the $100,000 and up category, just 7% are worried about losing their jobs, down from around 16% in November and December.

Of note: The lower income group, which includes loads of public-facing hospitality workers, saw the biggest jump in job security concerns between October 2020 and January 2021, while the other two inched up only mildly.

  • But during this wave, so far, both the low and high-income groups' worry levels actually went down slightly.

The bottom line: "The Delta variant hasn’t materially affected people's jobs, so when we look at pay income losses across the income spectrum, they're largely stable," Morning Consult chief economist John Leer tells Axios.

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