Before entering into the business world, it’s ‘THE’ duty of every entrepreneur or a job seeker to know 360˚ about the market and economy. A recession is one of the most worrying factors among the economic happenings. Two consecutive quarters of negative growth is termed a recession. When recession strikes, the market collides eventually. The expected return from your investment shortens. Some of your trusted employees have to pack their boxes along with their favorite bonsai on their desks. However, some industries might not be turned too bad like the others. If you are an investor or job seeker, you might like to look into these sectors.
- Government: Government jobs are the most secured jobs in the USA during a recession. The unemployment rate in 2022 is just 1.5%. Even when the whole American market suffers from inflation, government employees feel safe and secure.
- Healthcare and Social Assistance: During COVID 19, healthcare workers were the frontline warriors. This industry suffered from an only more minor increase in unemployment. Moreover, investors got a good return, as medicines and other equipment were in high demand.
- Financial services: Jobs-related accounting, auditing, budget analysis, and human resource specialists are recession-proof to a reasonable extent. The industry saw a minimal rise in the unemployment rate scoring 3% even during the great recession of 2008. The industry has a reputation for lowering its unemployment rate to 2.7% in May 2022.
- Professional Business Services: In America, it is the most secured industry after the government sector recession. This sector comprises accountants, management, sports and entertainment agents, securities, and credit. In 2007 the unemployment rate in this sector was 4.8%. Eventually, during the great recession, it increased to 12.4%. The rate of change was only 126%, whereas, in vulnerable sectors like IT, this has scored more than 1000%.
- Non-durable Goods Manufacturing: Truck Drivers, sales representatives, freight and stock movers, shipping, receiving and traffic clerks, etc., did not have to go through the terrifying hurdles of recession. In May 2022, the unemployment rate was 2.5% only. As people are shifting more towards digital shopping options after the COVID 19, this industry hopes to remain healthy in the future. Even in the next recession, the predicted unemployment rate is only 5.7% if it comes and when it comes.
- Information: Though the information sector is not as secure as the other services on the list, it does fare better during the bad times than most other sectors. In May 2022, the unemployment rate was only 2.3%, even after COVID 19 hit the market. Media, telecommunication, motion picture, and sound recording are the jobs in this sector.
- Other Sector: Repair and maintenance services, personal care services, and religious and social advocacy services are some of the not-so-well-paid jobs that saw a minimal employment decline. In May 2022, the unemployment rate was 3.2% and is predicted to be 7.8% during a future recession.
Read more on: Venture Capitalists’ New Venture in new Investment Options
