These industries offer the best and worst job security in 2023
- The Arts, entertainment, and recreation industry offer the least job security, with the highest layoff rate at 2.98%, according to data from the Bureau of Labor Statistics.
- The Construction industry has the second-highest layoff rate at 1.80% on average.
- Jobs in the Federal government offer the best job security with a layoff rate of just 0.22%.
The industries with the best and worst job security have been revealed in a new analysis of government data.
Leading offshore marketplace Outsource Accelerator analyzed data from the US Bureau of Labor Statistics to calculate the average layoff rates for different industries, to determine which are the most and least secure sectors to work in.
It found that the Arts, entertainment, and recreation industry offers the least job security, with an average layoff rate of 2.98% throughout 2022. This equates to 69,400 employees being laid off per month on average in this industry.
The Construction industry offers the second worst job security with a layoff rate of 1.80%, the equivalent of 139,200 people being laid off on average per month.
Professional and business services were found to have the third worst job security at a 1.56% layoff rate. This industry, which includes those working in accounting, engineering, veterinary, advertising, and computer services to name a few, was found to have the highest number of layoffs per month on average at 353,000 people, however, ranks third when adjusted for the total number of workers in the industry which stands at approximately 22.6 million.
The Information industry, which covers those working in image and sound recording, digital and print publishing, and telecommunications jobs, ranked as having the fourth highest layoff rate (1.12%).
Other services, which encompass professions such as equipment and machinery repair, dry cleaning or laundry services, providing personal and pet care, grant making, and promoting religious activities, ranked fifth (1.06%).
Table: Industries ranked by layoff rate
|
|
Industry |
Average number of layoffs per month |
Layoff rate |
|
1. |
Arts, entertainment, and recreation |
69,400 |
2.98% |
|
2. |
Construction |
139,200 |
1.80% |
|
3. |
Professional and business services |
353,200 |
1.56% |
|
4. |
Information |
33,800 |
1.12% |
|
5. |
Other services |
61,000 |
1.06% |
|
6. |
Transportation, warehousing, and utilities |
78,000 |
1.08% |
|
7. |
Nondurable goods manufacturing |
48,000 |
0.98% |
|
8. |
Mining and logging |
5,000 |
0.78% |
|
9. |
Accommodation and food services |
112,400 |
0.82% |
|
10. |
Real estate and rental and leasing |
17,800 |
0.78% |
|
11. |
Retail trade |
140,600 |
0.88% |
|
12. |
Educational services |
24,600 |
0.64% |
|
13. |
Wholesale trade |
36,800 |
0.62% |
|
14. |
Durable goods manufacturing |
48,400 |
0.60% |
|
15. |
Health care and social assistance |
126,400 |
0.60% |
|
16. |
State and local government, excluding education |
38,600 |
0.44% |