A precarious situation is one that's not stable or secure.
When someone says their job is precarious, they mean it's uncertain and might not last. This can happen when there are financial issues with a company, or if the work isn't reliable because it depends on something else happening first - like government funding. For example, artists who rely on grants to make a living might feel like their jobs are precarious, because these grants often only get approved for a short time and then need to be reapplied for. It's not just job situations that can be precarious though: a relationship could also be precarious if the two people in it aren't sure how they feel about each other or if one of them has been hurt before.
(comparable) Dangerously insecure or unstable; perilous.
