NEW YORK — Personal finances are a major source of stress for about half of the lower income households in the U.S., a new poll shows, illustrating the toll of high inflation and economic uncertainty on those who can least afford it.
About half of U.S. adults in households earning less than $60,000 annually and about 4 in 10 of those in households earning $60,000 to $100,000 say they're very stressed by their personal finances, according to the new poll from The Associated Press-NORC Center for Public Affairs Research. That compares with only about a quarter of those in higher income households.
Beverly Lucas, 76, of Cary, North Carolina, said she sees how inflation has hemmed in the lives of her fellow seniors on fixed incomes.
"There's no comfort zone in their finances — no vacation. They're just getting by," she said. "Medications are expensive. Groceries. No one's living large or having fun. They should be having fun."
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Lucas, a retired Christian education teacher who lives off social security and a pension, said she is moving to downsize and save $500 a month. If she had stayed in the two-bedroom where she lived, she said, her expenses would have gone up this year.
About three-quarters of adults across income groups say their household expenses are higher now than they were a year ago, but those in households earning less than $100,000 a year are more likely than those in higher income households to say they also have higher debt. Those facing a combination of rising debt and expenses overwhelmingly say their financial situation is a major source of stress.
The poll also finds that people in households earning at least $100,000 annually were more likely than lower income earners to predict their finances will improve in the year ahead, 39% to 26%. By contrast, people in lower income households were more likely than those earning more to expect their financial situation to worsen, 28% to 18%.
Tyronda Stringer, 28, who works as a truck loader at Walmart in Banks, Alabama, said her debt has increased in the past year due to medical expenses she's still paying off. Stringer, a single mother of two, said the stimulus payments and child tax credits during the pandemic helped her financial situation, but that now inflation and the cost of childcare have her back living paycheck to paycheck. She's also struggling with high medical bills.
"I used to do three grocery trips a month," she said. "Now it's one and a half at the most. We're just gonna have to cut back on a lot of things. I can see that. Things we're used to or things we need, we'll be getting different brands and things. The only thing I can think of."
The likeness of George Washington is seen March 13 on a U.S. one dollar bill in Marple Township, Pa.
The AP-NORC poll finds that just 1 in 10 of those in households making less than $60,000 a year say their savings increased over the past year, while about 6 in 10 say their savings decreased.
Only 20% of adults in that group say they are very confident they can keep up with their expenses, compared with 30% of those making between $60,000 and $100,000 and 46% in households making more than that. Four in 10 adults in lower income households say they are not confident they can keep up with their expenses. About 6 in 10 are at least somewhat confident.
Alexander Nye, 26, a graduate student in geology in Provo, Utah, falls into the first category. Nye, who is married with a child, with another due in April, said he has some student loans to cover his graduate degree, but that he feels financially secure.
"We're in a position where we don't have to travel a ton, so gas and car expenses aren't huge," he said. "With our family growing, we do feel inflation in the cost of diapers, food, and clothes. We've just had to adjust to keep things in our budget. We work around it as much as we can."
Gregory Coney, 60, of Jamaica Plain, Massachusetts, said he's hopeful the national economy will improve over the next year. Coney, who is currently unemployed, worked in customer service for Merrill Lynch and Bank of America and is raising two children. He's currently interviewing for jobs he's optimistic may pay more.
"I do think it's possible the price of food will go down slightly in the next year," Coney said. "Right now I'm saving for college for two kids, but we'd like to be able to travel, to get money for the kids to go away. And potentially have a new or bigger home."
Industries that laid off the most workers in March
Industries that laid off the most workers in January
World economies have been left in disarray after the COVID-19 pandemic shocked supply chains and deeply affected the global workforce. And the U.S. has been no exception.
As financial rescue efforts fade into the background, the U.S. economy is facing dual crises of stubbornly persistent inflation and uncertainty about a looming downturn stemming from central banks' own prescription for combatting inflation—higher interest rates.
Companies spent 2022 pulling back on spending and new hires, moving forward cautiously. Nationwide, about 1.7 million people were laid off or fired in January 2023. That's up about 16% from December 2022 and about 20% from January 2022.
Stacker used Bureau of Labor Statistics data to rank 19 major industries by the number of layoffs they had in January 2023. The analysis uses seasonally adjusted data. Numbers for the month are preliminary and may be updated.
#18. Mining and logging (tie)
- January 2023 layoffs: 5,000
--- Change from prior month: No change
--- Change from January 2022: -2,000
- January 2023 layoff rate: 0.8% (Rank: #11)
--- Change from prior month: +0.1 percentage points
--- Change from January 2022: -0.4 percentage points
The mining and logging industry includes oil and gas workers as well as workers who cut timber and produce wood for residential construction. The logging industry has faced an unseasonably warm winter in some parts of the U.S. as well as rising costs, which business leaders have cited as the reason for workforce cuts.
The salaries of oil and gas industry CEOs have climbed while they continue to cut their workforce, claiming to Congress at one point last year that record retail gas prices were a result of a labor shortage. The largest companies by market capitalization in the sector have enjoyed record profits in recent years and paid shareholders handsomely.
#18. Federal government (tie)
- January 2023 layoffs: 5,000
--- Change from prior month: -5,000
--- Change from January 2022: -2,000
- January 2023 layoff rate: 0.2% (Rank: #19)
--- Change from prior month: -0.1 percentage points
--- Change from January 2022: No change
The federal government represents around 6% of all jobs in the country including the military, the departments of labor, education, and justice, and other federal agencies—as well as the U.S. Postal Service. The size of the federal government's payroll has "significantly" decreased over the last 50 years, according to the nonpartisan Brookings Institution.
#17. Finance and insurance
- January 2023 layoffs: 22,000
--- Change from prior month: +3,000
--- Change from January 2022: +1,000
- January 2023 layoff rate: 0.3% (Rank: #18)
--- Change from prior month: No change
--- Change from January 2022: No change
Finance and insurance companies enjoyed an employment boom in recent years, spurred by the onset of the pandemic. Americans cooped up in their apartments and houses leapt at the chance to secure larger homes for themselves at historically low interest rates. In today's higher interest rate environment, these firms may find themselves poorly equipped to keep all of their workers on payroll. On the other hand, Americans have continued to borrow at surprising rates as inflation eats into their bottom lines.
#16. Educational services
- January 2023 layoffs: 28,000
--- Change from prior month: -1,000
--- Change from January 2022: +4,000
- January 2023 layoff rate: 0.7% (Rank: #12)
--- Change from prior month: -0.1 percentage points
--- Change from January 2022: +0.1 percentage points
The nation's educational services industry comprises elementary and secondary school teachers as well college professors and nontraditional educators like online tutors. Colleges have struggled with a decline in overall enrollment since the onset of the COVID-19 pandemic, and some in the industry fear some institutions may downsize.
#15. Real estate and rental and leasing
- January 2023 layoffs: 31,000
--- Change from prior month: +13,000
--- Change from January 2022: +19,000
- January 2023 layoff rate: 1.3% (Rank: #6)
--- Change from prior month: +0.5 percentage points
--- Change from January 2022: +0.8 percentage points
The real estate industry was among the first to feel the effects of rising interest rates as the Federal Reserve began its attempts to control inflation in 2022. Thousands of real estate agents and brokers have lost their jobs since rates began increasing and inventory has remained squeezed.
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#14. Other services
- January 2023 layoffs: 41,000
--- Change from prior month: No change
--- Change from January 2022: -18,000
- January 2023 layoff rate: 0.7% (Rank: #12)
--- Change from prior month: No change
--- Change from January 2022: -0.4 percentage points
The so-called "other services" category of American industry includes service-oriented jobs that don't fit neatly into any other category. It includes jobs like equipment repair, religious work, and end-of-life care, according to the Bureau of Labor Statistics.
#13. State and local government education
- January 2023 layoffs: 45,000
--- Change from prior month: +8,000
--- Change from January 2022: +13,000
- January 2023 layoff rate: 0.4% (Rank: #17)
--- Change from prior month: No change
--- Change from January 2022: +0.1 percentage points
Public school teachers are represented in the state and local government education sector, a field that has struggled to attract and retain teachers over the last decade as public school funding has dried up. Record inflation has made teaching wages close to unlivable in some places as conservative elected officials have slashed public education funding. Public schools may be forced to cut teachers in the event that costs rise to unmanageable levels.
#11. State and local government, excluding education (tie)
- January 2023 layoffs: 47,000
--- Change from prior month: -3,000
--- Change from January 2022: +12,000
- January 2023 layoff rate: 0.5% (Rank: #15)
--- Change from prior month: No change
--- Change from January 2022: +0.1 percentage points
State and local governments feared that the U.S. could face a shortfall of tax revenue when the COVID-19 pandemic began. Record federal rescue funds kept Americans spending, however, and put ample money back into some state tax coffers. Other states are just now feeling tax revenues bounce back, leading to proposals to pass the savings on to voters in the form of tax cuts in some places.
#11. Information (tie)
- January 2023 layoffs: 47,000
--- Change from prior month: +1,000
--- Change from January 2022: -14,000
- January 2023 layoff rate: 1.5% (Rank: #5)
--- Change from prior month: No change
--- Change from January 2022: -0.5 percentage points
The information industry includes those working in media, which took a haircut in 2022 as corporate media outlets cut their head counts, citing uncertainty about the future of the economy. Interest in media, and with it ad dollars, spiked during the Trump administration as Americans tuned into cable news and visited news websites to keep up with two impeachments and near-weekly scandals.
#10. Nondurable goods manufacturing
- January 2023 layoffs: 55,000
--- Change from prior month: +11,000
--- Change from January 2022: +7,000
- January 2023 layoff rate: 1.1% (Rank: #7)
--- Change from prior month: +0.2 percentage points
--- Change from January 2022: +0.1 percentage points
The phrase "nondurable goods" is a fancy way of saying any item you can purchase that will go bad if left on a shelf for too long, or will only provide the consumer with a single use before it's gone. These items include food and cleaning products or even cigarettes. Americans working in nondurable goods manufacturing might work for a food processor like Frito-Lay or a makeup brand.
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#9. Durable goods manufacturing
- January 2023 layoffs: 57,000
--- Change from prior month: +3,000
--- Change from January 2022: -13,000
- January 2023 layoff rate: 0.7% (Rank: #12)
--- Change from prior month: No change
--- Change from January 2022: -0.2 percentage points
Durable goods include any item you purchase that gets reused over time and does not expire. These can be plastic storage bins, children's toys, and even technology like smartphones. Manufacturing of durable goods saw a boom in the first two years of the pandemic as consumers spent their incomes on the only things they could safely enjoy from their homes. Some of those manufacturers have had to scale back head counts as consumer demand has dropped off in the goods-producing sector and moved into services.
#8. Arts, entertainment, and recreation
- January 2023 layoffs: 59,000
--- Change from prior month: +7,000
--- Change from January 2022: -29,000
- January 2023 layoff rate: 2.5% (Rank: #1)
--- Change from prior month: +0.3 percentage points
--- Change from January 2022: -1.5 percentage points
The arts and entertainment sector was among the hardest hit in the steep COVID-19 recession of 2020. Public health recommendations meant consumers were extremely wary of businesses like theme parks and airlines, which scaled back or closed operations for a time. The drop-off in demand was particularly difficult for movie theaters as Americans leaned into digital streaming services at home.
#7. Wholesale trade
- January 2023 layoffs: 62,000
--- Change from prior month: +3,000
--- Change from January 2022: +25,000
- January 2023 layoff rate: 1.0% (Rank: #8)
--- Change from prior month: No change
--- Change from January 2022: +0.4 percentage points
Wholesale trade companies are intermediaries that don't necessarily advertise their business to consumers. They operate in the background, buying inventory from manufacturers and reselling it to retailers. An American working in wholesale may be employed by Costco or a medical wholesaler like McKesson.
#6. Health care and social assistance
- January 2023 layoffs: 112,000
--- Change from prior month: -8,000
--- Change from January 2022: -22,000
- January 2023 layoff rate: 0.5% (Rank: #15)
--- Change from prior month: -0.1 percentage points
--- Change from January 2022: -0.2 percentage points
The health care and social assistance sector is experiencing rising demand for its services as Americans continue to get older and live longer on average. The pandemic exhausted health care workers and accelerated the shift from in-hospital care to home care for elderly patients. While medical care costs have risen with inflation, the health care industry is also at a crisis point trying to attract enough new nurses to care for Americans.
#5. Transportation, warehousing, and utilities
- January 2023 layoffs: 123,000
--- Change from prior month: +16,000
--- Change from January 2022: +52,000
- January 2023 layoff rate: 1.7% (Rank: #4)
--- Change from prior month: +0.2 percentage points
--- Change from January 2022: +0.7 percentage points
The transportation warehousing and utilities industry encompasses the massive supply chain in the U.S., which experienced unending hiccups and shocks throughout the last several years. Freight shipping companies have laid off staff over the last year, citing difficult economic conditions that have tamped down demand.
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#4. Retail trade
- January 2023 layoffs: 137,000
--- Change from prior month: -1,000
--- Change from January 2022: -1,000
- January 2023 layoff rate: 0.9% (Rank: #10)
--- Change from prior month: No change
--- Change from January 2022: No change
Retail trade is one of the largest employers in the country and includes employees at companies like Target and Kroger brand grocery stores. Workers in these industries have faced some of the most difficult working conditions as they served customers through the dangers of the COVID-19 pandemic. This year, companies like Walmart and Nordstrom have announced cuts to their workforces.
#3. Accommodation and food services
- January 2023 layoffs: 139,000
--- Change from prior month: -2,000
--- Change from January 2022: +20,000
- January 2023 layoff rate: 1.0% (Rank: #8)
--- Change from prior month: No change
--- Change from January 2022: +0.1 percentage points
The accommodation and food services industry comprises hotels, motels, full-service restaurants, and fast food chains that employ tens of millions of Americans. These leisure services struggled in the first two years of the pandemic as Americans pulled back on activities that they felt could expose them to COVID-19.
#2. Construction
- January 2023 layoffs: 172,000
--- Change from prior month: +6,000
--- Change from January 2022: +32,000
- January 2023 layoff rate: 2.2% (Rank: #3)
--- Change from prior month: +0.1 percentage points
--- Change from January 2022: +0.4 percentage points
The construction industry suffered a crippling pause at the start of the pandemic that resulted in a shock to home inventory. But as the pandemic progressed, so too did new home, multifamily, and commercial construction. With vaccines now widely available, pressure will come from higher interest rates driving down demand for new homes.
#1. Professional and business services
- January 2023 layoffs: 528,000
--- Change from prior month: +190,000
--- Change from January 2022: +207,000
- January 2023 layoff rate: 2.3% (Rank: #2)
--- Change from prior month: +0.8 percentage points
--- Change from January 2022: +0.9 percentage points
The professional and business services industry comprises attorneys, marketing, accountants, and other professionals who support businesses in mostly white-collar positions. Many of these positions have been safe over the past three years as demand from consumers remained hot and companies seemingly couldn't find enough workers to fill jobs. But interest-rate hikes and bank failures may spell trouble.
#19. Federal government
- March 2023 layoffs: 6,000
--- Change from prior month: No change
--- Change from March 2022: No change
- March 2023 layoff rate: 0.2% (Rank: #19)
--- Change from prior month: No change
--- Change from March 2022: No change
The federal government represents around 6% of all jobs in the country, including the military, the departments of Labor, Education, and Justice, and other federal agencies—as well as the Postal Service. The size of the federal government's payroll has "significantly" decreased over the last 50 years, according to the nonpartisan Brookings Institution.
#18. Mining and logging
- March 2023 layoffs: 9,000
--- Change from prior month: +2,000
--- Change from March 2022: +5,000
- March 2023 layoff rate: 1.4% (Rank: #4)
--- Change from prior month: +0.3 percentage points
--- Change from March 2022: +0.8 percentage points
The mining and logging industry includes oil and gas workers and those who cut timber and produce wood for residential construction. The logging industry is emerging from an unseasonably warm winter in some parts of the U.S. in addition to rising costs, which business leaders have cited as the reason for workforce cuts.
The salaries of oil and gas industry CEOs have climbed while they continue to cut their workforce, claiming to Congress at one point in 2022 that record retail gas prices were a result of a labor shortage. The largest companies by market capitalization in the sector have enjoyed record profits in recent years and paid shareholders handsomely.
#17. Real estate and rental and leasing
- March 2023 layoffs: 19,000
--- Change from prior month: +1,000
--- Change from March 2022: No change
- March 2023 layoff rate: 0.8% (Rank: #11)
--- Change from prior month: +0.1 percentage points
--- Change from March 2022: No change
The real estate industry was among the first to feel the effects of rising interest rates as the Federal Reserve began its attempts to control inflation in 2022. Thousands of real estate agents and brokers have lost their jobs since rates began increasing—and inventory has remained squeezed.
#16. Educational services
- March 2023 layoffs: 28,000
--- Change from prior month: -4,000
--- Change from March 2022: +6,000
- March 2023 layoff rate: 0.7% (Rank: #14)
--- Change from prior month: -0.1 percentage points
--- Change from March 2022: +0.1 percentage points
The nation's educational services industry comprises elementary and secondary school teachers, college professors, and nontraditional educators like online tutors. Colleges have struggled with a decline in overall enrollment since the onset of the pandemic, and some in the industry fear institutions may downsize.
#15. Finance and insurance
- March 2023 layoffs: 31,000
--- Change from prior month: +11,000
--- Change from March 2022: +9,000
- March 2023 layoff rate: 0.5% (Rank: #16)
--- Change from prior month: +0.2 percentage points
--- Change from March 2022: +0.2 percentage points
Finance and insurance companies enjoyed an employment boom in recent years, spurred by the onset of the pandemic. Americans cooped up in their apartments and houses leaped at the chance to secure larger homes for themselves at historically low interest rates. In today's higher interest rate environment, these firms may be poorly equipped to keep all their workers on the payroll. On the other hand, Americans have continued to borrow at surprising rates as inflation eats into their bottom lines.
#14. State and local government education
- March 2023 layoffs: 33,000
--- Change from prior month: -3,000
--- Change from March 2022: -6,000
- March 2023 layoff rate: 0.3% (Rank: #18)
--- Change from prior month: No change
--- Change from March 2022: -0.1 percentage points
Public school teachers are represented in the state and local government education sector, which has struggled to attract and retain teachers over the last decade as public school funding has dried up. Record inflation has made teaching wages nearly unlivable in some places as conservative elected officials have slashed funding. Public schools may be forced to cut teachers if costs increase.
#13. State and local government, excluding education
- March 2023 layoffs: 34,000
--- Change from prior month: -6,000
--- Change from March 2022: -3,000
- March 2023 layoff rate: 0.4% (Rank: #17)
--- Change from prior month: No change
--- Change from March 2022: No change
State and local governments feared that the U.S. could face a shortfall of tax revenue when the pandemic began. However, record federal rescue funds kept Americans spending and put ample money back into some state tax coffers. Other states are just now feeling tax revenues bounce back, leading to proposals to pass the savings on to voters via tax cuts in some places.
#12. Information
- March 2023 layoffs: 38,000
--- Change from prior month: -11,000
--- Change from March 2022: +19,000
- March 2023 layoff rate: 1.2% (Rank: #6)
--- Change from prior month: -0.4 percentage points
--- Change from March 2022: +0.6 percentage points
The information industry includes those working in media, which took a haircut in 2022 as corporate media outlets slashed their head counts, citing uncertainty about the economy's future. Interest in media—and with it, ad dollars—has not returned to the levels seen during the Trump administration as Americans tuned into cable news and visited news websites to keep up with two impeachments and near-weekly scandals.
#11. Wholesale trade
- March 2023 layoffs: 47,000
--- Change from prior month: -7,000
--- Change from March 2022: +12,000
- March 2023 layoff rate: 0.8% (Rank: #11)
--- Change from prior month: -0.1 percentage points
--- Change from March 2022: +0.2 percentage points
Wholesale trade companies are intermediaries that don't necessarily advertise their business to consumers. They operate in the background, buying inventory from manufacturers and reselling it to retailers. An American working in wholesale may be employed by Costco or a medical wholesaler like McKesson.
#10. Nondurable goods manufacturing
- March 2023 layoffs: 56,000
--- Change from prior month: -5,000
--- Change from March 2022: +5,000
- March 2023 layoff rate: 1.1% (Rank: #8)
--- Change from prior month: -0.1 percentage points
--- Change from March 2022: No change
The phrase "nondurable goods" is a fancy way of describing any item you can purchase that will go bad if left on a shelf for too long or will only provide the consumer with a single use before it's gone. These items include some foods, cleaning products, and even cigarettes. Americans working in nondurable goods manufacturing might work for a food processor like Frito-Lay or a makeup brand.
#9. Other services
- March 2023 layoffs: 64,000
--- Change from prior month: +12,000
--- Change from March 2022: +10,000
- March 2023 layoff rate: 1.1% (Rank: #8)
--- Change from prior month: +0.2 percentage points
--- Change from March 2022: +0.2 percentage points
The so-called "other services" category of American industry includes service-oriented jobs that don't fit neatly into any other category. It includes jobs like equipment repair, religious work, and end-of-life care, according to the Bureau of Labor Statistics.
#8. Durable goods manufacturing
- March 2023 layoffs: 65,000
--- Change from prior month: +12,000
--- Change from March 2022: +15,000
- March 2023 layoff rate: 0.8% (Rank: #11)
--- Change from prior month: +0.2 percentage points
--- Change from March 2022: +0.2 percentage points
Durable goods include any item you purchase that gets reused over time and does not expire. These can be plastic storage bins, children's toys, and even technology like smartphones. Manufacturing of durable goods saw a boom in the first two years of the pandemic as consumers spent their incomes on the only things they could safely enjoy from their homes. Some manufacturers have since scaled back head counts as consumer demand has dropped off in the goods-producing sector and moved into services.
#7. Arts, entertainment, and recreation
- March 2023 layoffs: 83,000
--- Change from prior month: +11,000
--- Change from March 2022: +20,000
- March 2023 layoff rate: 3.4% (Rank: #2)
--- Change from prior month: +0.4 percentage points
--- Change from March 2022: +0.6 percentage points
The arts and entertainment sector was among the hardest hit in the steep COVID-19 recession of 2020. Public health recommendations meant consumers were extremely wary of businesses like theme parks and airlines, which scaled back or closed operations for a time. Some have found recovery slow.
#6. Transportation, warehousing, and utilities
- March 2023 layoffs: 105,000
--- Change from prior month: -11,000
--- Change from March 2022: +33,000
- March 2023 layoff rate: 1.4% (Rank: #4)
--- Change from prior month: -0.2 percentage points
--- Change from March 2022: +0.4 percentage points
The transportation warehousing and utilities industry encompasses the massive supply chain in the U.S., which experienced unending hiccups and shocks throughout the last several years. Freight shipping companies have laid off staff over the last year, citing difficult economic conditions that have slowed demand.
#5. Retail trade
- March 2023 layoffs: 135,000
--- Change from prior month: -21,000
--- Change from March 2022: -10,000
- March 2023 layoff rate: 0.9% (Rank: #10)
--- Change from prior month: -0.1 percentage points
--- Change from March 2022: No change
Retail trade is one of the largest employers in the country and includes employees at companies like Target and Kroger brand grocery stores. Workers in these industries have faced some of the most difficult working conditions as they served customers through the dangers of the pandemic. In 2023, companies like Walmart and Nordstrom announced cuts to their workforces.
#4. Health care and social assistance
- March 2023 layoffs: 154,000
--- Change from prior month: +42,000
--- Change from March 2022: +39,000
- March 2023 layoff rate: 0.7% (Rank: #14)
--- Change from prior month: +0.2 percentage points
--- Change from March 2022: +0.1 percentage points
The health care and social assistance sector is experiencing rising demand for its services as Americans continue to get older and live longer on average. The pandemic exhausted health care workers and accelerated the shift from in-hospital care to home care for elderly patients. While medical care costs have risen with inflation, the health care industry is also at a crisis point trying to attract enough new nurses to care for Americans.
#3. Accommodation and food services
- March 2023 layoffs: 173,000
--- Change from prior month: +63,000
--- Change from March 2022: +40,000
- March 2023 layoff rate: 1.2% (Rank: #6)
--- Change from prior month: +0.4 percentage points
--- Change from March 2022: +0.2 percentage points
The accommodation and food services industry comprises hotels, motels, full-service restaurants, and fast-food chains that employ tens of millions of Americans. These leisure services struggled in the first two years of the pandemic as Americans pulled back on activities they felt could expose them to COVID-19 and are adjusting to new economic realities.
#2. Construction
- March 2023 layoffs: 294,000
--- Change from prior month: +112,000
--- Change from March 2022: +172,000
- March 2023 layoff rate: 3.7% (Rank: #1)
--- Change from prior month: +1.4 percentage points
--- Change from March 2022: +2.1 percentage points
The construction industry suffered a crippling pause at the start of the pandemic that resulted in a shock to home inventory. But as the pandemic progressed, so did new home, multifamily, and commercial construction. Now pressure is coming from higher interest rates driving down demand for new homes.
#1. Professional and business services
- March 2023 layoffs: 431,000
--- Change from prior month: +49,000
--- Change from March 2022: +42,000
- March 2023 layoff rate: 1.9% (Rank: #3)
--- Change from prior month: +0.2 percentage points
--- Change from March 2022: +0.2 percentage points
The professional and business services industry comprises attorneys, accountants, and other professionals who support businesses in mostly white-collar positions. Many of these positions have been safe over the past three years as demand from consumers remained hot and companies seemingly couldn't find enough workers to fill jobs. But interest rate hikes and bank failures may spell trouble.
Data reporting by Paxtyn Merten. Story editing by Jeff Inglis. Copy editing by Paris Close.
