American workers' confidence in the economy and their economic stability has still not returned to pre-recession levels. But it's getting closer.
Gallup has been polling Americans on their confidence levels over the years and, looking back 10 years, folks were pretty confident their wages would at least remain level if not improve.
But all that was shattered by the recession. The "worry factor" over wage reductions shot up from 14 percent in 2007 to more than 30 percent during the recession. Fears remained strong among nearly one-third of workers through 2013, when many surveys continued to report an unease with the recoveryamong workers and employers.
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But last year, Gallup's report showed a sharp improvement. Worker worries about wages fell from 31 percent of those surveyed in 2013 to 24 percent last year.
In its latest survey, 20 percent reported that they feared their wages might be reduced. And while that's still significantly higher than the 14 percent in 2007, the trend suggests that another year or two of economic growth might fully restore confidence in earnings.
Employee concerns were down across the board when compared to 2011, Gallup said. Among the findings of fears in 2011 versus 2015:
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Benefits will be reduced: 44 percent vs. 34 percent
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I'll be laid off: 30 percent vs. 22 percent
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My wages will be reduced: 33 percent vs. 20 percent
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Hours will be reduced: 30 percent vs. 19 percent
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Jobs will be sent off shore: 13 percent vs. 9 percent.
Gallup's conclusion: "This could be a positive sign that Americans see their lives returning to the way things were in the early 2000s, although not quite all the way. Or it could be that workers now see conditions as a new reality after the Great Recession and thus not a cause for worry."
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
