6 Signs Your Job Is on the Chopping Board

Aug. 10, 2011— -- There's no more pressing issue in America than jobs, specifically the 14 million who are unemployed and your chances of joining that line.

Job creation and retention is all about confidence. Do businesses believe they can add jobs to meet new demand? Do consumers feel confident enough that their jobs are safe so they can go out and buy big-ticket items?

"Investors have been driving the stock market downward because of lack of confidence over what's happening or not happening in Washington and global uncertainty," says Brian Miller, president and COO of the Entrepreneur's Source . "This has led to fear permeating the stock market and the markets."

Fear can cause consumer confidence to erode, which could cause "consumers to pull back and that causes weak economic growth and companies become skittish about hiring or they may begin to cut jobs," says Miller.

In 2008, following market turmoil, 400,000 jobs were cut by 20 companies in less than a year. Job security suffered as the market began to tank.

"One of the biggest factors surrounding my layoff was the economy," says Jennifer Brown, a former account executive at an advertising firm in Detroit. "The collapse of the big three automakers literally sent the advertising community in Michigan into a tailspin because for most of the agencies in Michigan boasted Chrysler, Ford and GM as their biggest clients."

As her department began to downsize, Brown was placed on an account for a national retailer, but 16 months later she was laid off.

"I really thought my job was safe because I didn't have any performance issues," says Brown.

Last week's tepid jobs report saw the nation's unemployment rate fall slightly in July from 9.2 percent to 9.1 percent, mostly because so many people gave up looking for work. Although 117,000 jobs were created by private businesses, that's not nearly enough to cut the jobless rate.

"If the stock market goes down and stays down it could lead to a general contraction of the economy," Philip Dine, a labor expert and author of "State of the Unions" told ABCNews.Stock market fluctuations have little impact on growth at small businesses and corporations but "if companies see a decline in the stock market that's going to make them hesitant about hiring people," says Dine.

In recent weeks, many sectors have begun to show signs of hesitation. According to Business Insider, the banking industry has plans to trim 101,000 jobs by the end of the year http://www.businessinsider.com/banks-are-cutting-jobs-at-the-fastest-rate-since-2008-2011-8. That includes HSBC's announcement to shed a total of 30,000 jobs worldwide to improve profitability.

At the electronics company Cisco, a plan is underway to reduce global staff by 6,500.And, despite record profits, Merck & Co. announced plans to trim 12,000 to 13,000 jobs by the end of 2015 as a part of its restructuring plan.

"There is less loyalty on the part of employers to employees, therefore there is less loyalty on the part of employees to employers," says Miller. "Decisions [regarding layoffs] are being made in a corporate tower someplace through no fault of the employee."

"People have a reason to be concerned because they don't know if their job is going to be there," says Miller.

For those following the stock market and gloomy economic news, here are signs that your job may be the next to go:

Six Signs You Lack Job Security