The 4 most ‘recession-proof’ industries to work in, according to economists
Categories: US NEWS
The4 most ‘recession-proof’ industries to work in, according to economists
Warnings about a looming recession have reached a feverpitch. Inflation continues to soar, causing chaos in the stock market, andcompanies are starting to prepare for the worst with layoffs, hiring freezes and, in someextreme cases, rescinding job offers.
The sudden shift in labor market dynamics — after months ofstrong job prospects and rising wages for employees — has left many workingAmericans scratching their heads. During the Great Recession, which lasted from2007 to 2009, the construction and manufacturing sectors experienced sizabledips in employment, according to data from the Bureau of Labor Statistics.
That's because during economic downturns, people typicallylimit their discretionary spending and delay major purchases, including carsand new homes, says a professor of economics at Harvard University and the U.S. KarenDinan, former chief economist of the Treasury.
She predicts that these industries will see a similar patternif the recession comes soon. Ball and Dynan say that the most "recession-proof"industries that provide strong job security during an economic downturninclude:
healthcare
government
computersand information technology
education
Even though schools have struggled to hire and retain staffin the wake of the COVID-19 pandemic, education can be a stagnantfield in tough times, Ball says. He expects that if the recession strikes, thedemand for staff at colleges and universities across the US will increase, as more people seek highereducation "as a way to acquire new skills and improve their job prospects."Youcan't do much above and beyond your normal job responsibilities," shesays. "But learning what skills employers are looking for, and being ableto master those skills well, is your best insurance."