What Are Recession-Proof Jobs? These Industries May Be Your Best Bet
Key takeaways
Certain industries are more secure than others.
A job in health care remains a strong long-term bet for dependable employment.
Other relatively secure industries include scientific development and research, financial services, food-related fields and the public sector.
When businesses close and companies cut costs, it can lead to restless nights stressing over our own job safety.
If you’re thinking about a career shift or helping to guide someone else, keep in mind that certain industries offer a little more job security than others. While no job is 100 percent safe, let’s take a look at some sectors of the economy where employment tends to be a little more resilient.
Health care
The flu doesn’t care whether times are tough economically. And health care is one of those services that people are unlikely to cut back on. As a result, it tends to be a resilient industry and is expected to be a leading area for job growth through 2033, according to the federal government’s Bureau of Labor Statistics. Health care remains a strong long-term bet for dependable employment.
Not only is health care an integral service, but it’s also spurred by an aging U.S. population that’s living longer. (And let’s not forget our pets—veterinary fields fall into this category, too.) Health care needs are going to rise, and the Bureau of Labor Statistics estimates faster than average job growth in this industry.
Scientific research
Life in the lab tends to be stable when the economy slows. Innovation usually helps society function more efficiently and safely. There are tangible monetary rewards for cutting-edge research. A new discovery could also help a company gain an edge, cut costs or invent an entirely new industry.
During the Great Recession in 2008, a survey that year of 1,000 large corporate spenders, for example, found that R&D budgets rose 5.7 percent. Of course, recessions could cause grant money and other funding to slim down, limiting job openings or funding opportunities. Looking ahead, life sciences and data analytics will probably see robust private and public funding for research. The Bureau of Labor Statistics predicts about 148,400 openings in these fields each year, on average, through 2033.
Financial services
No matter what the economy looks like, we have to file taxes and save toward retirement. And it can be argued that economic turbulence heightens demand for financial professionals. Companies turn to accountants and actuaries to help keep balance sheets strong during a storm. A sudden economic shock heightens the need for professional financial planning as markets become more complex and stressful. Money movement is a critical task in good times and bad, and auditors, actuaries, claims adjusters, tax preparers and insurance underwriters are all at the center.
Becoming a financial advisor at Northwestern Mutual means owning your own business and making a lasting impact for your clients, their families and yourself.
Food-related fields
We heard about “the essential worker” a lot back in 2020. While all of us may argue our jobs are essential, there are certain tasks that simply need to get done. After all, we need to eat, even if we cut back on dining out.
Jobs in this category run the spectrum from entry-level clerks to butchers to retail store district managers. But major food retailers’ corporate offices are also in need of programmers, mechanical engineers, warehouse managers, drivers, buyers and more. It’s a big industry, and there will always be stomachs to fill.
Public-sector roles
In addition to food, there’s a lot of work needed to make society function. Police officers, teachers, fire fighters, social workers and parks employees will always be in demand. Similarly, city and state workers will also play key roles for the foreseeable future. (Traditionally, federal jobs have been considered very stable, although the Trump administration may shake things up.)
Now, these jobs aren’t totally recession-proof; a slow economy can force government budget cuts. But employment in the public sector tends to last longer than private-sector jobs, and the gap tends to widen during recessions.
Bring in an expert
A career change can be a great time to bring in an expert to help with your money. Your Northwestern Mutual financial advisor will help you make the most of your situation. That’s true no matter how much you have or how the economy and stock market performs. When you meet with us, we’ll ask deep questions to help develop a plan tailored to you and your goals.
Take the next step.
Your advisor will answer your questions and help you uncover opportunities and blind spots that might otherwise go overlooked.
Let's talk
