According to the New York Times, the average American worker is in less danger of losing a job than any time in modern history.
Why is that? Because fewer and fewer Americans are leaving their current jobs in search of new opportunity. In recent years, economists have become increasingly worried that the decrease in job turnover is undermining the economy’s progress, hindering wages and making it more difficult for the unemployed to find jobs.
The percentage of employees who were laid off fell in early June to the lowest level since the government began keeping records in 1949, according to an obscure measure known as the insured unemployment rate. The rate fell a tick to 1.5%.
Although the economy is not growing as fast now as it did before the Great Recession, the risk of being laid off is as low as ever. Indeed, more and more companies complain they cannot find enough skilled workers to fill open positions. They are hardly likely to lay off talented employees unless business turns south.
Put another way: In data going back to at least the early 1970s, the odds of getting laid off and filing jobless claims have never been lower. In fact, the odds of getting laid off are stunningly low: lower than the bubbliest months of the housing bubble, and lower than at the end of the 1990s tech boom, which was the longest economic expansion in U.S. history. Even during the “Morning in America” era of the 1980s, the overall odds of getting laid off were never nearly this low.
Digital Marketing Lead at Lakeshore