The frustrating thing about the economy is that you can never really tell where it’s going. It’s like a small child who is keen on getting lost, then trips into a ditch and cries endlessly. Thankfully, with a little planning, you can largely skip the financial burden of a down economy. Or, if you’re newly graduated and can’t seem to find employment, it might pay to change where you’re looking. Read on, job-hunters:
Industries that are comparatively “Recession Proof”:
- Education: While we’ve been hearing a lot about teacher layoffs, IBISWorld, a publisher of U.S. market research, estimated a net gain of 62,000 jobs in public schools in 2011, inclusive of administration and staff. That’s in addition to the 67,000 they expect to be hired by colleges, universities, and specialist schools. The downside to a career in education is that it doesn’t pay well. But if you really want to be a teacher, you’re probably not doing it for the salary, so there’s still reason to rejoice: you’ll have better luck finding a job here than most places.
- Health care: Medicine is traditionally recession proof, and can even grow during a bum economy. The great thing about this is that it tends to be industry-wide growth, as opposed to being just doctors. CareerBuilder, for example, expects to see an increase of 22% in Registered Nursing positions and a 34% increase in positions for Medical Assistants by 2018.
- Military: Do we even have to explain? They’re always hiring.
- Skilled Services: Plumbers, hair stylists, et cetera–they always do pretty well when the economy tanks, if only because their services are considered necessary.
Industries that recover quickly after a bum economy:
While the following may not be your dream job, work is work–this is important if you’re unemployed and find yourself in a financial bind. So if you’ve got a stack of resumes and nowhere to send them, start searching for jobs in:
- Tourism: For better or worse, the first thing people want to do after they start making money again is take a vacation.
- Restaurants: According to US News and World Report, the restaurant industry lost 365,000 jobs during the recession. But now that things are picking up, they expect 130,000 of them will be replaced.
- Construction: The housing bust resulted in about two million lost jobs in construction and related industries, but one of the best measures of a recovering economy is new home sales. As they go up, so does the demand for people who can build them.
- Retail: US News and World Report reports that almost 80,000 jobs were added to grocery stores, supermarkets, and warehouse clubs likes Costco in 2011. That’s not even including the rest of retail. There’s shopping malls, Wal-Marts, book stores, and everything else under the sun. Point being: when people make more money, the first thing they do is spend it. And while working a register might not be the dream, it certainly can help you conquer your student debt in the interim between now and the brighter future.