Jobs come, and jobs go. There isn’t much of a call for harpooners on whaling ships anymore. Of course, ten years ago, most people couldn’t imagine anyone working as a cryptocurrency investigator. It’s not just innovation, though. Economic forces can squeeze people right out of certain fields. With a recession looming or already here, MerchantMaverick.com has created its latest report: “Jobs Most Likely To Be Affected By the Recession” to help job seekers make an informed decision.
When economic activity slows, certain fields are hurt more than others. Traditionally, consumers delay or cancel spending when times get tough, and that can shrink entire sectors of the economy. Workers in those sectors must hope that they can keep their jobs. On the other hand, jobs in other fields are relatively safe from economic fluctuations since the demand for services remains largely constant.
MerchantMaverick.com, the business product comparison site for small business owners, started with current job data and historical trends to determine the fields most susceptible to an economic downturn. It then factored in the impact of COVID, since the economy is still reeling from massive dislocations due to an extended lockdown and voluntary consumer lifestyle changes.
Key Findings
- Jobs in construction are at risk. Current data appears to indicate that construction jobs are more likely to vanish than jobs in any other sector.
- Truck drivers, who normally see job losses during recessions, appear to be safer than usual. Job losses in trucking during COVID may have made the remaining jobs more secure than during other economic slowdowns.
- Unsurprisingly, jobs with inelastic demand remain safer. Healthcare workers, teachers, and government workers will always have jobs since people will always get sick, kids will always need to learn, and the government will always…be the government.
TOP JOBS MOST LIKELY TO BE AFFECTED BY THE RECESSION:
- Construction Worker
- Automotive Technician
- Middle Manager
- Wholesale Sales Representative
- Assemblers and Fabricators
JOBS RELATIVELY SAFE IN THE RECESSION:
- Teachers, Doctors, Nurses
- Utility Worker
- Government Workers
- Financial Planner
- Truck Drivers
METHODOLOGY:
- Job Opening Rates By Industry, 5/22 (25%)
- Layoff & Discharge Rates By Industry, 5/22 (35%)
- % Change In Employment, 12/07 – 6/09 (20%)
- % Change In Employment, 2/20 – 4/20 (20%)
“Between COVID, inflation, and a slowing economy, these are especially tough economic times for everyone,” says Julie Titterington, Editor-in-Chief of MerchantMaverick.com. “Entire job sectors will suffer before we get through this.”
Source: MerchantMaverick.com
