What Industries are the Most Vulnerable During a Recession?
As the economy is still looking bleak, what are the jobs that are historically the most at risk during rocky economical times? Certain industries fare far worse than others in a recession but, which professions are most likely to start laying off employees in a bid to ride out the rough times? Here are some of the most vulnerable:
Airlines and Transportation – In a slow economy less goods are bought and sold so there is a decreased need for commercial transportation, which often translates into job losses for drivers and other workers involved in the transportation industry. In the case of the airlines during a recession people tend to cut back their travel time – for both business and personal trips – to the bare minimum, often resulting in layoffs across the board.
Retailers – Aside from the deep discounters like Wal-Mart the retail industry as a whole usually takes a big hit in lean economic times. And even Wal-Mart will decrease the number of staff they engage in a recession. Mall workers may be especially in danger as more malls are closing as they see their tenants go out of business.
Construction – A recession is a bad time to be in the construction industry whether they are builders, painters or even building material suppliers. Smaller companies outside the new home construction industry are being squeezed out by chain retailers like Home Depot and Lowes who have begun offering one stop buy and install services and in a generally poor real estate market in many areas of the country new home construction comes to a near standstill.
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