You can call it quiet quitting or whatever buzzword you like, but the bottom line is workers in the U.S. just aren't that happy, Emily writes.

• Only 32% of employees said they were "actively engaged" at work, or feeling passionate about their jobs, down from a high of 36% in 2020, according to a Gallup report out today, which averaged survey results across 2022.

Why it matters: Changing requirements around remote and hybrid work and a lack of communication with managers are causing people to psychologically disengage, with increasing numbers feeling like no one cares about them.

• This year, concerns around layoffs are making the situation worse.

Go deeper: 18% of employees said in 2022 they were "actively disengaged," i.e., disgruntled and disloyal, the highest that number has been since 2013.

• The remaining half of workers are just doing the bare minimum to get by, says Jim Harter, chief workplace scientist at Gallup.

How it works: Gallup has been tracking what it calls "employee engagement" since 2000, using quarterly surveys of around 15,000 full- and part-time employees.

• It asks a set of 12 questions about overall job satisfaction, well-being and other things.
• There were a few areas where the decline in engagement was most noticeable: More employees reported that they don't know what's expected of them, don't feel cared about, don't see opportunities to learn and grow, and don't feel connected to their employer's "mission."

State of play: Young employees are feeling the most disconnected. Engagement for those under 35 decreased by four percentage points; while active disengagement went up by the same amount.

• Engagement fell across the board, no matter if someone worked remotely, in a hybrid arrangement, or on-site.
• Of note: Workers who were in jobs that could be done remotely, but were forced to work on-site saw an increase of 7 points in active disengagement.

1 big idea: A crucial move that managers can make to improve engagement is holding one-on-one meetings with each direct report. One recent study found they led to a 54% increase in engagement.

• "It might sound simple, but there's some low-hanging fruit out there that gets overlooked," says Harter.

🚘 Tesla to build a $3.5 billion plant in Nevada. (Axios)

⬆️ Cybersecurity hiring remains strong amid tech layoffs. (Axios)

💉 FDA rethinks its strategy on future COVID vaccines. (Axios)

Large layoffs aside, fresh earnings from Microsoft give little indication that a recession is in the offing, Matt writes.

Why it matters: Recent layoffs at companies like Amazon, Alphabet, Meta and Microsoft have intensified fears that the economy's in for a serious pullback.

Driving the news: Microsoft posted quarterly profits after the close yesterday that beat analyst expectations thanks to strong growth in its cloud computing unit.

• The numbers initially sent the stock up about 4%, but then the company offered up slightly underwhelming sales guidance for the current quarter, and the stock ended the after-hours session down about 1%.

What they're saying: Microsoft CEO Satya Nadella did suggest customers were being a bit more circumspect in their spending.

• "Organizations are exercising caution given the macroeconomic uncertainty," he said.

Yes, but: Microsoft's forecast for the current quarter calls for sales of $51 billion, or roughly 4% growth compared to the same quarter last year — which was itself massive.

The bottom line: That looks like a slowdown from remarkably fast growth — not an indication of an incipient economic downturn.

The steady stream of news about tech and finance layoffs is taking a toll — in the form of growing job anxiety for those in the once high-flying sectors, Axios' Kate Marino writes.

State of play: The share of higher-income folks worried about losing their jobs in the next month jumped last month, while lower-income workers became more sanguine, according to monthly polling conducted as part of the Morning Consult/Axios Inequality Index.

• Context: In separate polling, Morning Consult found that the sectors where employees were most worried about job loss were tech and finance — whereas those in the typically lower-paying hospitality and retail industries were less concerned, the firm’s economic analyst, Jesse Wheeler, tells Axios.

The bottom line: “A lot of those workers [in lower-income sectors] are still reaping the benefits of a very tight labor market,” Wheeler says.

Axios Markets readers apparently don't procrastinate when it comes to filing taxes — but there's a catch, Emily writes.

What's happening: With tax filing season just kicking off, many of you wrote to us and shared your preferred strategy. Do you wait till the deadline or try and file early?

• A few said they file right away, no matter what. "Might as well get it over with," writes Scott Messick, of Taos, New Mexico.
• But Jean Lamb, from Klamath Falls, Oregon, summed up a more common vibe: "I always *prepare* early," she writes. "If I get a refund, I file right then. If I have to pay? April 15th is looking pretty good."

Go deeper: Returns are due on April 18 this year. Emily reported on a few other things to know about the 2023 tax season ... Spoiler alert: Your refund may be smaller this year. Read more.