Hold onto your desk: Americans haven’t been this freaked out about their jobs since the Great Recession, new data shows

By Steven Orlowski, CFP, CNPR

For the first time in over a decade, a dark cloud is hanging over American workers. New data shows that job security fears are climbing sharply—reaching levels not seen since the dark days of the Great Recession.

According to a recent report from the Conference Board, consumer confidence in the job market took a steep dive in March, with the percentage of Americans saying jobs are “plentiful” dropping, while those saying jobs are “hard to get” rose significantly. It’s a sobering shift from the heady post-pandemic labor market, where workers had the upper hand and job-hopping was practically a sport.

“People are starting to feel the ground shake under their feet,” said Dana Peterson, Chief Economist at the Conference Board. “Hiring is slowing, layoffs are creeping up in certain sectors, and uncertainty is mounting as both inflation and interest rates remain sticky.”

A chill in the air

The economic anxiety isn’t just theoretical—it’s starting to show up in hard numbers. Tech companies continue to trim their workforce, retail giants are quietly scaling back, and even previously untouchable industries like healthcare and finance have seen waves of job cuts in early 2025.

Meanwhile, the quits rate—the number of people voluntarily leaving their jobs—has fallen to its lowest level in nearly three years, according to the latest JOLTS (Job Openings and Labor Turnover Survey) report. That’s a telltale sign that workers aren’t feeling as confident about their prospects elsewhere.

“People only quit when they feel confident they can land something better,” said Mark Zandi, Chief Economist at Moody’s Analytics. “Right now, a lot of folks are staying put, holding onto their desks, and hoping the storm blows over.”

Déjà vu all over again?

The last time Americans felt this jittery about job security was in the aftermath of the 2008 financial crisis, when unemployment peaked at 10% and mass layoffs became a grim routine. While today’s economy isn’t in the same dire straits—unemployment remains relatively low at 4.1%—many of the same psychological markers are beginning to appear.

Surging credit card debt, falling savings rates, and rising delinquencies on car loans and mortgages are also flashing warning signs. Economists warn that if consumer spending slows significantly, it could tip the economy into a full-blown recession—a fear that’s keeping both businesses and households on edge.

A tale of two labor markets

Interestingly, the fear is not evenly distributed. High-paying white-collar jobs—especially in tech, media, and finance—are bearing the brunt of recent layoffs. Blue-collar sectors, including construction, hospitality, and manufacturing, have shown more resilience, although wage growth in these fields is beginning to plateau.

And while Gen Z workers are still flooding TikTok with stories of workplace drama and "quiet quitting," many older workers are quietly clinging to the jobs they have. After all, those who lived through the 2008 recession know how quickly the job market can collapse.

“I’ve been through this rodeo before,” said Jennifer Morales, a 52-year-old administrative coordinator in Dallas. “Back then, I lost my job and spent nearly a year trying to find another one. I’m not taking any chances this time.”

What happens next?

Much depends on the Federal Reserve. If the Fed begins to ease interest rates later this year, as some analysts expect, it could help calm jittery markets and encourage more hiring. But if inflation proves stubborn and rates stay high, job insecurity could become a defining theme of 2025.

In the meantime, workers are watching the economy—and their inboxes—for signs of trouble.

Because when the job market starts to wobble, the safest move might just be to hold onto your desk—and hope it holds you back.