New study: Texans worried about layoffs as recession fears mount
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San Antonio has recently been hit with layoff from USAA and the closure of a frozen food facility last month.
As recession fears continue to grab headlines across the nation, Texans are starting to become more anxious about losing their jobs, according to a new study.
Four of the 10 metro areas nationwide where residents are most anxious about layoffs are in the Lone Star State, according to financial tech company SmartAsset. It based its rankings on how often residents of various locations Googled “layoffs,” “furlough” and “severance pay,” among similar phrases.
San Antonio, which has been hit by layoffs from USAA and last month’s closure of a frozen food processing facility, took the No. 10 slot of metros most concerned about layoffs.
With tech giants including Amazon and Microsoft warning employees that thousands of jobs are likely on the chopping block, perhaps it should come as no surprise that Austin took the list’s No. 4 slot. Meanwhile, Dallas — home to Neiman Marcus, which unveiled a 5% workforce reduction — came in at No. 5, and Houston landed at No. 6.
Although Texas survived the 2008 financial crisis with less damage than some other states, it appears that residents worry this time could be different. Only the Lone Star State and California had multiple cities in the study’s top 10.
Despite the anxiety, the Texas economy grew by 8.2% in the third quarter of 2022, well above the national average, and unemployment here dropped to 3.9% this past December. Both of which sound like good signs — for now.
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