Did you know that menās underwear sales are a recession indicator? š±š©² Thatās right - when the economy tanks, dudes stop buying new tighty whities. Smart decision or cringe city? Ask whoeverās in charge of scrubbing out those skid marks. š«§
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OK enough undie talk. Letās chat about what an economic downturn could mean for your paycheck. š
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Hereās Five Fast Facts on what a possible recession could mean for the job market:
- š„ Health Is Wealth - When it comes to recession-proof jobs, health care ranks high on the list. During the pandemic, the need for doctors, nurses, and therapists skyrocketed and it hasnāt really backed down. Another hot recession job: retail, especially grocery stores and places that sell essential items. If tariffs wind up raising prices, people will still need those everyday staplesā¦and folks to keep things running.
- āļø Chop Shop - Which jobs might be on the chopping block? White-collar jobs in marketing and tech. However, the industry youāre in makes all the difference. Someone working as a marketing professional in a major healthcare system may have a bit more job security than someone working for a software startup.
- š Posting Up - Letās dive into how jobs are looking nationwide. In the Southern part of the country, job postings are up 20% compared to where they were pre-pandemic. Itās a different story in the Northeastern and Western regions - they really felt the punch from tech layoffs in recent years. Postings in Washington DC, Maryland, and Virginia were 2% under pre-pandemic levels as of March.
- š¼ Who Let the DOGE Out? - Last year, roughly 75% of newly added jobs came from hospitality, healthcare, social assistance, and the government. Speaking of government work, a cushy federal gig used to be the safest bet out there. That is until DOGE strolled into townā¦
- š Mad Skillz - Not working a recession-friendly job? Donāt worry! It takes a long time for these trends to play out and it could take years before a particular industry feels the burn. The best thing to do? Sharpen your skills to stay valuable. While you canāt always avoid layoffs, you can put yourself in a better position to find a new gig fast.
š„Bottom line: Thereās a lot of uncertainty in the world today, thatās for sure. Take it one day at a time, friends (and wine helps). If youāre in the market for a new job, watch out for scammers. These baddies are out in full force. Need some job scam prevention tips? Weāve got an article for that.Ā
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How recession-proof is your job?
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