Recession Resistant Jobs
Thursday, April 03, 2008PAUL KANGAS: A new sign today that the job market is also feeling the pinch from a slowing economy. The Labor Department says the number of first-time claims for unemployment benefits unexpectedly shot up last week. Initial jobless claims climbed 38,000 to 407,000. We'll get a better picture of the job landscape tomorrow, when March's employment report is released. While many economists believe the United States is at the beginning stages of recession, there are some jobs that should remain recession-resistant. Erika Miller has details.
ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: Doctors are in demand during boom times and in busts. So, it's not surprising that healthcare is considered one of the most recession resistant industries. According to the Bureau of Labor Statistics, more than half of the 30 fastest growing jobs are in medical fields. At Montefiore Hospital in New York City, the head of operations Elaine Brennan says there is strong demand in many areas.
ELAINE BRENNAN, SVP OPERATIONS, MONTEFIORE HOSPITAL: Nursing is a big one, professional nursing. Technical people to do CAT scans with the latest technology, to do MRIs, to do ultrasounds. Ultrasound training is a four-year college program, so the pipeline is small.
MILLER: As kids know, school doesn't stop when the economy goes south, so careers in education tend to be stable. Experts say demand for teachers is currently strongest in places experiencing population explosions, like the sun belt. Crime doesn't stop during recessions, so demand for security guards and police officers also holds up. Robert Burns, head of operations at security services firm Wackenhut, expects business to stay strong.
ROBERT BURNS, SR. VP OF OPERATIONS, WACKENHUT: We don't expect the current economic uncertainties to have an effect on our business at G4/Wackenhut (ph). In fact, we forecast that organic growth rates for the remainder of the 2008 should be in line and strong as compared to 2007.
MILLER: Most job hunters will probably want to avoid troubled industries where layoffs are rampant. Anything related to housing, real estate and construction is expected to remain in the doldrums. Ditto for financial firms. Experts also say be careful about jobs in manufacturing, a sector that has long been contracting. Jo Bennett is a partner at executive search firm Battalia Winston. She says think carefully before taking a position in a company that is dependent on consumer discretionary spending.
JO BENNETT, PARTNER, BATTALIA WINSTON: You'd certainly want to worry about retailers. You might want to worry about some of the big box stores that sell to homeowners for repairing their homes and fixing them up because they may get hurt.
MILLER: No matter what field you're in, experts say there are a few strategies to help you protect your job. One is to find ways for your firm to cut costs and boost revenues. They also suggest you do everything you can to make yourself visible and indispensable. Erika Miller, NIGHTLY BUSINESS REPORT, New York.
