Business majors in the music business are now bracing for a recession.
While they’re expecting the worst from the industry, they also are hoping for a bit of a turnaround.
In fact, they’re taking the biggest hits of all, according to a new report from the National Federation of Independent Businesses.
The NFIBI study found that music majors are now expecting to pay more in taxes than they were just a few years ago, with a higher percentage of music industry workers being laid off, and more people being laid-off than in the past.
The study found the unemployment rate for music industry employees has climbed from 8.7 percent in January 2016 to 11.2 percent in February 2017, a jump of 3.7 percentage points.
The median annual salary for the top 50 music industry jobs in February was $85,000, up from $70,000 in January, according the NFIB study.
The median for music majors was $71,000.
And for the bottom 50 music majors, the median annual pay was $46,000 while the median for musicians in other industries was $32,000 for those jobs.
The report also found that more than 3 million people worked in the major music industry in February.
That’s a 4 percent increase over January.
More than half of all the music majors surveyed were in the top 20 percent of their industry, the study found.
And only 1.5 percent were in their mid-to-low 20 percent.
And a majority of the music jobs were either in small to medium-sized companies or in the entertainment industry.
Music majors are feeling the pinch of a slowing economy, with fewer people making their money in the traditional industries.
The NFIBA survey found the median net worth for music-industry employees was $27,000 compared to $26,000 last year.
That’s a 2.5-percent decrease in the last year, the NFUBI study said.
The biggest job losses for the industry in the year ended March 31, 2017, were for the music producer and record label.
The industry lost 5,000 employees.
The unemployment rate is also expected to climb again this year.
The number of people working in the country’s music industry has risen slightly, with the number of jobs added the fastest pace in the history of the industry.
That pace is expected to continue through the year.
But that could be in jeopardy if the economy continues to slow down and the job market remains weak.
The unemployment rate has declined from 7.9 percent in the first quarter of 2017 to 6.9 per cent in the second quarter.
The study also found music majors in small and medium-size companies were the most impacted by the recession.
Music majors in those companies made a median of $26.90 an hour, or about $30,000 more than the median hourly wage in the industry last year of $23.40.