A continuing debate on the nature of precarity surrounds its defining characteristics and identification of what constitutes precarity. While early sociological work argued that people either experience precarity or they do not (i.e., the haves and the have-nots), subsequent researchers have gone to great lengths to argue for a more nuanced approach with multiple distinct classes of precarity. Using cross-lagged data from n = 315 U.S. employees collected during the COVID-19 pandemic, we took a person-centered approach to address this central question and uncover latent subpopulations of precarity. Specifically, we conducted a latent profile analysis of precarity using various objective and subjective indicators including perceptions of job insecurity, financial insecurity, prior unemployment experiences, per capita household income, skill-based underemployment, and time-based underemployment. While we anticipated different profiles based on income- vs. employment-based sources of precarity, the best-fitting solution surprisingly comported with Standing's proposed two-class model. Moreover, membership in the precarious profile was associated with consistently more adverse subsequent outcomes across work, health, and life domains adding to the validity of the obtained two-profile structure. We discuss these results in light of potential loss spirals that can co-occur with the experience of precarity.
Keywords: economic insecurity; economic stressors; latent profile analysis; precariat; precarity.