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article imageWhich Job Markets Are On The Chopping Block For Flopped Economy Stir Fry?

By Nikki Weingartner     Oct 20, 2008 in Business
Working in retail or at a local health clinic as a receptionist and on edge about whether or not the job ax will hit you next? Certain industries are most likely to take a hard hit during the upcoming, and long, recession. What will they be?
During a recent piece on the Best Places to Reside in the United States During Economic Hardships that reveals the nation's best locations for surviving a recession, job markets like education, healthcare and science all appeared to be the main ingredients for those particular locations and their successful ranking. But what overall job industries are likely to take a big hit during the recession?
Sure, the knights in green satin have jumped from their horses and rescued the drowning financial American princesses from their own mistakes but the economy is anything from safe. States will be digging themselves out of the housing mess they made; home values will continue to plummet; declining corporate earnings: it all comes back around, affecting the millions of Americans who buy those homes and spend those dollars on products and services.
And it matters not whose mug shot gets put up in the Oval Office during the next inauguration, the fact that they will be tagged with trying to pull a country out of such horrible economic conditions will most likely not bode well for their reputation after red-tape and inability to "pass" takes hold of even the most well intentioned of plans.
An article in 24/7 Wallstreet tells us which jobs are most likely to experience severe downsizing during the upcoming, and predictably very long recession.
Topping out the list as anyone with an ounce of common sense might gather was the financial industry due to the lack of mergers and upcoming layoffs. Seriously, most of the giants have already merged or acquired those smaller competitors. Some analysists are predicting more job losses and closures for banks as the FDIC begins to take over.
Another area expecting severe cuts is the food industry, specifically supermarkets and fast food, where those most affected by job loss and penny pinching are doing things within their own homes to cut spending. No more elaborate purchases as far as food goes and those stops to McDonald's? Well, I can't say for sure but famous pizza delivery chains are showing "worse than forecast" revenues. Remember back a few weeks ago when Starbuck's announced its massive layoff of employees? Sure, its a volatile industry with high turnover already but it looks like fewer options will be available to the job population being served.
Internet and software were predicted as losing out on jobs. With HP recently laying off around 25,000 workers in the hardware sector, 24/7 called it a "disease which will spread." They also reported rumors that Yahoo! may layoff some 3,000 employees, a move that would be nipping on the heels of Ebay's recent layoff of 1,000.
Oil, oil, oil. A crude subject to bring up as it is the hottest topic running in the presidential debate. However, all that lip service is doing nothing for the industry, with predictions of slicing around 100,000 positions within the top companies. And those reporting it? Well, their, our, jobs are said to be on the line as well, at least for big media. As 24/7 said:
Another stable industry over the last several years has been big media companies. Advertising revenue has been good. Now, it is not just bad, it is getting very bad, very fast.
If the recession continues, which it is predicted to do, we could see up to 200,000 jobs cut in big media, not including small time media.
More obvious but unreported cuts that are affected by the recession are the automobile industry and travel industry, both of which rely heftily on fuel. So anytime the economy takes a hit, these two industries follow suit quite rapidly since people immediately cut back on luxury travel and purchases. But even Pepsi popped the top on its claim to be recession proof, reportedly admitting it will cut over 3,000 employees.
Oil, factories, travel, automobiles, fast foods and supermarkets. They are expected to take a massive hit as far a jobs. The recession of the seventies left unemployment rates at around 9 percent. It was over 6 percent in September of this year and to the nearly 150 million workers in today's workforce, a simple cut of 10 percent is a lot of homes without an income or utilities; children without food; families without places to live.
Add that to the fear of losing ones job, as explained in a press release by Workplace Options, following a recent survey of workforce individuals that revealed half were fearful of losing their jobs, and there will be some greater issues at hand.
If it continues the way it is expected, one sub-species of jobs within the healthcare industry that might actually hit an all time high? Therapy.
More about Job, Recession, Downsizing
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