NEW YORK — With skyrocketing inflation, a shaky stock market and layoffs affecting multiple industries, the future of the job market is uncertain at best.
“The worst is yet to come”, warned the International Monetary Fund in his last reportadding that for many people, 2023 “will feel like a recession.”
Professionals working in the US are stressed regarding their job security: Approximately 31% of Americans say they are concerned that their company is planning budget cuts or layoffs, according to a recent survey by LinkedIn Workforce Confidencewhich includes data from more than 21,000 professionals.
Still, there are reasons to be cautiously optimistic regarding the labor market going into 2023. Job openings continue to outpace the number of workers available to fill them, layoffs remain historically low, and the most recent unemployment rate hovers around a healthy 3.7%. , close to where it was at the start of the COVID-19 pandemic.
While no job is completely immune to economic headwinds, it is assumed that certain roles will fare better than others during a potential economic downturn in 2023, according to a new report from Payscale.
Here are 10 of the most “recession-proof” occupations that offer strong job security during economic downturns, according to Payscale research:
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To determine the ranking, Payscale analyzed salary data for more than 1.1 million US workers on its website published between October 2021 and October 2022, as well as hiring and leaving rates for dozens of occupations from the Bureau of Labor Statistics. .
These jobs can be considered “recession-proof” primarily because of their double-digit wage growth over the past 12 months, says Lexi Clarke, vice president of people at Payscale. Some positions are earning up to 30% more than last year.
Companies are spending more to fill these positions due to labor shortages and increased competition, Clarke says. She expects these jobs “to continue to be in high demand” even if a recession hits in 2023.
The list includes a mix of essential service jobs and office roles that are still reeling from the followingmath of the pandemic, with waiter/waitress claiming the top spot.
This is because restaurants are still struggling to regenerate their workforce, Clarke says. The lack of labor has pushed up the salaries of the waiters.
Other positions, including dock workers and emergency dispatchers, are also in high demand as it has been harder to attract and retain people for these jobs, the report says. However, the services they provide are essential even during a recession.
Although these jobs may be the most secure thing to hope for in a volatile market, if you’re thinking of changing jobs soon, you should be very careful in your search, Peter C. Earle, an economist at the American Institute for Economic Research, cautions.
“Don’t leave or take a job unless you’re absolutely sure you have something safe waiting for you on the other side,” he says. “This is not the time to shuffle jobs.”
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