Job insecurity shakes one in four employees while employers remain cautious

Job openings fell to 7.4 million in June from 7.7 million in May, the U.S. Labor Department has reported, and the cooling labor market is expected to continue.

The Federal Reserve projects the unemployment rate will hit 4.5% in 2025, up from the current 4.1%. It hasn’t been that high since October 2021, when the economy still was recovering from the coronavirus pandemic.

Despite that, nearly half (48%) of U.S. full-time workers say they are likely to search for a new job in the next 12 months, according to Bankrate’s new Worker Intentions Survey.

A more challenging job market can make people more cautious about asking for a raise or additional flexibility at work. But the survey shows more than 2 in 5 (44%) workers likely will ask for a raise at work in the next year and 36% likely will ask for more workplace flexibility such as different hours or the ability to work from home more often.

With recent news of layoffs and a difficult job market for white-collar workers, more than 1 in 4 (27%) workers say they are more worried about their job security than they were in January.

“This is as volatile and dynamic a time as we’ve witnessed for employers and workers,” Bankrate Senior Economic Analyst Mark Hamrick said in the report. “Between the moves by the federal government, rapid advances in technology including artificial intelligence, and the changing global landscape, there is a high level of uncertainty but also plenty of opportunities.”

Many U.S. employers are taking a more cautious approach when it comes to hiring, according to a survey conducted in June by The Harris Poll on behalf of Express Employment Professionals.

The survey reveals that only 58% of companies plan to increase their workforce in the second half of the year, a drop from 63% in the fall, and 7% anticipate cutting jobs.

For those still planning to hire, the reasons are the need to: manage growing workload (52%), fill newly created roles (49%) and replace employees lost to turnover (42%).

Among companies planning to reduce staff, more than half (54%) cite cost-cutting as the primary driver, followed by adapting to government policy changes (26%) and responding to declining demand (25%).

Companies are looking to fill mostly full-time positions (81%), but part-time jobs are gaining traction (28%). Entry-level hiring has dropped sharply to 50% from 68% in the spring of 2024.

“These numbers tell a story of employers recalibrating,” stated Bob Funk Jr., CEO, president and chairman of Express Employment International. “They’re still hiring, but with more intention, more strategy and a sharper eye on the future.”

Meanwhile, rising debt is not only squeezing household budgets but reshaping career decisions and work patterns, according to career site Zety.

Among more than 1,000 U.S. workers surveyed in April for its 2025 Debt & Career Impact Report, not a single individual reported living debt-free. Nearly half owe at least $25,000, and 1 in 5 owe more than $100,000.

The report found that 37% of American workers accepted undesirable jobs to stay afloat and 38% picked up second jobs to help manage their debt obligation. Among the respondents, 17% said they would start a business, go back to school or freelance if they were debt-free.