Thousands of jobs are and being cut daily in the United States. Projections show that many job sectors like the real estate market, financial services, residential construction, and automobile manufacturing are vulnerable to job losses in the upcoming year. In light of the ominous economic forecast, there is a lot of talk about finding a coveted “recession-proof” job.
However, the term can be a bit misleading. A Human Resources Manager in San Francisco explained, “There’s a general misconception that there are scores of ‘recession-proof’ job openings out there that are somehow absolutely secure. Unfortunately, no job has that kind of guarantee.” Instead, “recession-proof” simply refers to the job sectors that are more resilient during this turbulent time.
Healthcare Professionals – If we don’t have our health, nothing else really matters. Being healthy and staying healthy, will always be one of our most basic needs. So, the demand for skilled healthcare professionals (doctors, nurses, psychologists, dentists) will remain high.
House and Car Repairs – Though there seems to be a general freeze on new home and automobile purchases, consumers are more willing to have their homes repaired and their old clunkers serviced. As a result, handymen and mechanics are experiencing an increase in demand.
Law Enforcement and Security – Difficult economic times usually line up with increases in robberies, theft, and crime. And so the demand for policemen and other security services is currently high.
Personal/Beauty Care – Most people think that this would be an entirely discretionary sector. Some of the upscale beauticians and cosmetologists may feel the pinch, but places that find a way to service haircuts to a down-market will most likely be okay. In the scope of things, haircuts are a relatively inexpensive way for consumers to feel good about themselves.
Food Industry – Even though bad financial news might give make our stomachs turn, we still need to fill it with food. Like the healthcare sector, there is a constant demand that needs to be fed. Up-market restaurants may be hurt as frugal family’s find ways to stay within their budget by eating at home or frequenting places that offer discounted meals or coupons.
The general rule of thumb is businesses that rely on discretionary spending like entertainment, new houses, automobile market, home furnishings, the travel industry will likely continue to see more and more job loses. While businesses that provide products and services that are essential, critical and needed like healthcare, food, childcare, primary education, legal services (particularly bankruptcy law), and security are considered “recession-proof.” These job markets are better equipped to weather (and might even thrive during) this economic maelstrom.
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