This Labor Day, 1 in 3 Americans is Concerned About Keeping Their Job

From Staff Reports

In light of the financial struggles faced by workers across the U.S. and in recognition of Labor Day, WalletHub conducted a nationally representative survey, which found that nearly 1 in 3 Americans worry about job security. In addition to examining how the COVID-19 pandemic has impacted Americans’ finances, WalletHub’s survey also took stock of people’s plans for Labor Day.

• Labor Day travel is up: 48 percent more people will travel this Labor Day than last year.
• Consumers plan to shop more: 24 percent more people plan on going shopping this Labor Day than last year.
• Mixed feelings on unemployment benefits: 38 percent of people do not think that Congress should continue to give extra unemployment benefits.
• Americans fear new variants: 81 percent of Americans think that new COVID variants will have a negative impact on the economy.
• Many people support restrictions based on vaccination status: Half of Americans think it’s good for the economy to restrict indoor venues to people who are vaccinated only.

Q&A With Jill Gonzalez, WalletHub Analyst

How do Americans’ plans this Labor Day compare to last year?

“Americans are a lot more confident to celebrate Labor Day this year than they were last year, with 48% more people planning to travel and 24% more planning to go shopping,” said Jill Gonzalez, WalletHub analyst. “This makes sense considering that last year lockdowns were in effect across the country and Americans were not able to have large gatherings, while this year most COVID-related restrictions have been removed. The increase in travel and spending plans is also encouraging news for businesses, as they will likely see a big revenue boost and will consequently be able to hire more.”

Do Americans think the government should continue to provide extra unemployment benefits?

“Around 38% of people don’t think the government should continue to provide extra unemployment benefits. While that’s not the majority opinion, it is one that should be taken seriously. In some cases, people are making more money collecting unemployment benefits than they were while working, which is leaving some businesses unable to find workers despite having open positions,” said Jill Gonzalez, WalletHub analyst. “The extra unemployment benefits were very necessary during the height of the pandemic, but the job market has experienced enough of a recovery that they are no longer needed.”

Are people concerned about new COVID-19 variants?

“Americans are very concerned about new COVID-19 variants, especially in a financial sense. Around 81% of Americans think that new COVID-19 variants will have a negative impact on the economy,” said Jill Gonzalez, WalletHub analyst. “The best way to prevent variants from hurting the economy is to get as many people vaccinated as possible. Research has shown that so far, the available vaccines are effective against variants, too.”