Recessions are difficult for everybody. When economic activity slows down, there’s simply far less money going around, and almost everyone goes on a belt-tightening scheme of some sort.
Lay-offs are also inevitable, and they’re often the reason why people tend to be more cautious about spending. You wouldn’t want to be saddled with substantial debt, only to find out that your role in the company’s been made redundant, right?
Still, there are some jobs that are fairly stable during a recession. Nurses, for instance, remained on Western Australia’s Skilled Occupations list back in 2017, even when the authorities stripped the list down from 178 to 18.
And then there are those occupations that are more sensitive to economic changes. These include the following:
- Manufacturing Workers.
Surprise, surprise! Yep, even the head honchos won’t necessarily sleep well at night when the economy’s in a pinch.
While we’ve all heard stories of unscrupulous chief executives awarding themselves eye-watering bonuses during a recession, this isn’t always the case.
“A key characteristic of every recession or downturn is elevated bankruptcies,”Indeed economist Callum Pickering says. “Businesses are more likely to collapse during a recession than when the economy is firing on all cylinders. As a result, CEOs and managing directors are often forced to find work elsewhere.”
Whether you drive a truck or a forklift, an economic downturn is rarely good news. When the economy is down, there is less purchasing activity. Given that, there isn’t as much need to move or transport products or inventory.
In the same vein, there is less demand for crop and livestock farmers when people are trying to cut back on spending. However, a strong global market can offset this in some cases, so there’s that.
Declining share and property prices, along with intermittent lending activity, are usually part and parcel of an economic recession. As you can imagine, this isn’t good for those working in the finance sector.
When people have less money to invest and/or are more cautious, employment for financial advisors, dealers, and brokers can decline. The same goes for accountants and bookkeepers as well.
Again, since there is less demand for a large inventory, the manufacturing sector is especially sensitive to recessions. In addition to crane and hoisting operators, those in product assembly and/or production are particularly vulnerable.
When household budgets are tight, homeowners tend to delay repairs or constructions projects that aren’t so urgent. These include repainting, refurbishing decks, or even sink repairs.
Clearly, this means most plumbers, painters, builders, and plasterers might find themselves out of a job.
Right. Best look into picking up a second skill then. We never know when it might come in handy.