Among US workers, 41% believe the country is in a recession, according to a poll by The Conference Board. In addition, 36% say their company has already begun to restrict hiring to crucial roles, and 13% say layoffs have been conducted.

Despite this, most workers aren’t worried, with 80% saying they feel secure in their jobs.

“Amid historically low unemployment in the US, this recession will be significantly different from prior downturns,” said Rebecca Ray, executive VP of human capital at The Conference Board. “Businesses should be mindful of the lessons learned from the Covid recession when those that furloughed or laid off workers saw just how hard it can be to get that talent back.”

Companies should explore alternatives to layoffs and furloughs such as offering incentives for voluntary separation, Ray said.

The survey included more than 1,000 individuals who were predominantly professional/office workers. It took place from July 29 to Aug. 4.

Other findings:

  • While 41% say the US is in a recession now, 33% believe the US will be in a recession within six months.
  • 22% said their company has frozen hiring.
  • 19% said their company implemented a major restructuring.
  • 14% said their company cut bonuses.
  • 4% said their company implemented furloughs with benefits.
  • 44% of workers said they are secure in their job, and 36% said they are very secure.

More white respondents, 41%, than others said the country is already in a recession. That compares to 27% of Black respondents and 35% of Hispanic/Latino respondents.

In addition, 46% of men say the US is already in a recession compared to 35% of women.

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