Where to go to work so as not to be afraid of the crisis: four areas that are not afraid of a recession
Warnings of an impending recession have reached a climax. Inflation continues to rise, wreaking havoc on the stock market, and companies are starting to prepare for the worst: layoffs, hiring freezes and, in some extreme cases, job offers being withdrawn. But according to economists, there are 4 most "recession-proof" industries in which to work, reports CNBC.
The sudden shift in labor market dynamics — after months of good job prospects and higher wages for employees — has given many working Americans pause.
“In the next few months, job prospects are going to get a lot worse,” said Lawrence Ball, an economics professor at Johns Hopkins University. “The question is, how much worse?”
If you are thinking about changing jobs anytime soon, you should be aware that while no job is completely recession-proof (a downturn in production or a slowdown in economic growth), some industries tend to perform worse than others during a downturn. .
During the Great Recession, which lasted from 2007 to 2009, the construction and manufacturing sectors saw a significant drop in employment, according to the Bureau of Labor Statistics.
That's because during an economic downturn, people tend to limit their discretionary spending and put off big purchases, including cars and new homes, says Karen Dinan, a professor of economics at Harvard University and a former chief economist at the US Treasury Department. She predicts that these industries will see similar patterns if a recession hits soon.
Ball and Dynan say the most "recession-resistant" industries that provide reliable performance during economic downturns include:
- Computers and Information Technology
What these industries have in common, Ball explains, is that they are less sensitive to changes in interest rates, and people depend on these services, "regardless of whether the economy is booming or in recession."
Even though schools have found it difficult to hire and retain staff since the Covid-19 pandemic, Ball said education can remain a resilient sector during difficult times. He expects that in the event of a recession, the demand for staff at colleges and universities across the US will increase as more people can look forward to higher education "as a way to gain new skills and improve their job prospects."
“People are more likely to go to college if the job market is bad,” he says. “And if you graduate from college and the job market still looks bleak, graduate school becomes much more attractive.”
Whether you're looking for a new job or not, Dynan emphasizes the importance of honing your professional skills so you can become a more competitive and valuable employee. Find out what skills appear most often in job postings that interest you and start practicing them, or ask your boss if your company offers any training courses or webinars.
You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New York.
“There is little you can do outside of your normal job duties,” she says. “But knowing what skills employers are looking for and being able to apply those skills well is your best insurance.”
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