By Joe Palumbo III
Are we in a recession? The unemployment rate is at 5.1 percent, there were 80,000 layoffs in March, we are in a mortgage crisis and the real estate market is at an all-time low. Bear Stearns is out of business and stock portfolios have mostly broken even over the last decade. I would say we are headed for our first recession in about 16 years. A recession hits some job seekers hard because many will not have the luxury of going for their first choice. Necessity is the mother of invention, though, so there are employment sectors that will probably remain strong.
Teaching, according to the U.S. Bureau of Labor Statistics, appears safe. If you are in a field related to oil, gas or alternative or nuclear energy, there are strong signs of economic growth, so making positions in those arenas appears secure. Health care still remains strong with almost half the 30 fastest-growing occupations concentrated in that industry, like medical assistants, physical therapists, home health aides and registered nurses. There are plenty of opportunities working in another country especially if you are first-generation Chinese with business and Chinese language skills.
Unfortunately, crime does not stop during a recession. Often, it becomes worse. Police officers and port security specialists are some of the security personnel who will be in demand.
So How's Business regarding being in a recession? We cannot undo what will come. We have mostly lived beyond our financial means and now our economy is straitening out. If history is any indication, the financial storm we are headed into will pass and markets will straighten out for the better over time. For now, industries reliant upon discretionary spending, like restaurants, will most likely feel the bite of the turbulent waters ahead.
Reach Joe Palumbo at 516-248-0256 or info@camelotlimo.com.
