People are biting their nails these days about the economy. Bolstered by media reports comparing the current economic downturn to the Great Depression, workers of all stripes are worried about losing their jobs.

I can’t help but wonder whether people like me, a Gen X knowledge worker, have anything to worry about. How secure is my job? Are my concerns about the worsening economy rational? Have I been duped by reporters entangled in a media frenzy that sensationalizes and embellishes the truth?

A few weeks ago, when a colleague forwarded me a link to an interactive map  showing job losses across the country, my heart rate quickened a bit. In January 2007, the map is a swath of blue, indicating job growth in most areas of the country. In the latter months of 2008, however, the map slowly turns blood red as job losses accumulate across the United States. The massive job losses in the Northeast, where jobs in the financial sector are concentrated, as well as the industrial Midwest suggest that no one is immune from the economic downturn. Factory worker or financier, Walmart greeter or high-tech wizard, the map suggests that we’re all equally vulnerable to getting a pink slip.

The map doesn’t tell the whole story, however. In a recent Newsweek  article, Zachary Karabell argues that the job loss data is more nuanced. While the unemployment rate is nearly 9% among all workers in the U.S., it’s as high as 13% among workers without a high school diploma and as low as 4% among college-educated workers over the age of 25. Compared to less educated workers with fewer skills, young professionals are fairing pretty well during the economic downturn.

NGC’s research supports Karabell’s more nuanced view of the economy. A few months ago, we surveyed 350 young professionals and asked about their perceptions of the economy and their financial well-being compared to a year ago. While nearly all of the respondents (95%) indicated that the economy has deteriorated over the past year, fewer than half of the respondents (39%) said that their financial well-being has been adversely affected by the economic downturn.

What are your thoughts about the job loss hysteria that seems to be gripping workers of all stripes across the country? Do young, college-educated knowledge workers have anything to worry about? Share your story with us.

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