Recession Proof Jobs to Withstand an Economic Slowdown

Recession Proof Jobs to Withstand an Economic Slowdown Recession Proof Jobs to Withstand an Economic Slowdown From December 2007 through June 2009, the United States suffered through what economists termed The Great Recession. Unemployment rose from 5% to 9.5% during that period and even reached 10% in the months following. The long-term unemployment rate- unemployment lasting for at least 27 weeks- was at an all-time high (U.S. Bureau of Labor Statistics. BLS Spotlight on Statistics: The Recession of 2007-2009. February 2012). The Great Recession of 2008 was the 10th recession to strike this country since 1948. With 10 such events in about 60 years, these economic slowdowns, unfortunately, arent all that unusual. With an abundance  of horror stories of people losing their jobs and taking a long time to recover, you may be thinking it would be wise to look at recession-proof jobs. History has shown us that while recessions typically impact some job sectors more than others, each one is different. An industry that remained unscathed during previous slowdowns can be decimated by the next one. No occupation is guaranteed to withstand an economic downturn, but some are more stable than others. Typically, jobs that are vital to the functioning of society fare best during difficult times. The following careers are as close to recession-proof as possible. The need for people to work in these occupations typically remains steady even during economic downturns. The U.S. Bureau of Labor Statistics predicts they will have job growth that is at least as fast as the average for all occupations (increase 5% to 9%) between 2016 and 2026. The government agency predicts some of them will even have faster growth (an increase of 10% to 14%) or much faster growth (14% or more). 1. Registered Nurse RNs, as registered nurses are commonly known, care for patients and provide emotional support to them and their families. Required Education:  Bachelors, Associate, or Diploma in Nursing Median Annual Salary (2018): $71,730 Number of People Employed (2016): 2.9 Million Projected Job Growth (2016-2026): 15 percent (much faster than the average) Projected Increase in Jobs (2016-2026): 438,100 2. Physical Therapist Physical therapists, often called PTs, use a variety of modalities to restore their patients mobility, relieve their pain, and prevent or limit further disabilities. Required Education:  Doctor of Physical Therapy (DPT) degree Median Annual Salary (2018): $87,930 Number of People Employed (2016):  239,800 Projected Job Growth (2016-2026): 15% (much faster than the average) Projected Increase in Jobs (2016-2026): 67,100 3. Occupational Therapist Occupational therapists, frequently referred to as OTs, help their patients regain their ability to perform tasks of daily living. Required Education:  Masters Degree or Doctorate in Occupational Therapy Median Annual Salary (2018):  $84,270 Number of People Employed (2016):  130,400 Projected Job Growth (2016-2026): 24% (much faster than the average) Projected Increase in Jobs (2016-2026): 31,000 4. Special Agent (Detective) Special agents, sometimes called detectives or criminal investigators, determine whether people have broken laws. Required Education:  H.S. Diploma plus experience as a police officer Median Annual Salary (2017):  $81,920 Number of People Employed (2016):  110,900 Projected Job Growth (2016-2026): 5% (as fast as the average) Projected Increase in Jobs (2016-2026): 5,000 5. College Professor College professors teach students various academic subjects at post-secondary institutions like community and four-year colleges. Required Education:  Doctorate in the area of expertise; Masters degree may suffice at some community colleges Median Annual Salary (2018):  $78,470 Number of People Employed (2016): 1.3 million Projected Job Growth (2016-2026): 15% (much faster than the average) Projected Increase in Jobs (2016-2026): 197,800 6.  Teacher Teachers provide elementary, middle, and high school students with instruction in a variety of subjects, including math, history, language arts, science, music, and visual arts. Required Education:  Bachelors Degree in Education; A Masters Degree is required in some states Median Annual Salary (2018):  $55,470 (Kindergarten); $58,230  (Elementary School); $58,600  (Middle School); $60,320  (High School) Number of People Employed (2016):  154,000  (Kindergarten); 1.4 million  (Elementary School); 630,000  (Middle School); 1 million  (High School) Projected Job Growth (2016-2026): 8% (Kindergarten); 7% (Elementary School); 8% (Middle School); 8% (High School); All will grow as fast as the average Projected Increase in Jobs (2016-2026): 12,300 (Kindergarten); 104,100 (Elementary School); 47,300 (Middle School); 76,800 (High School) 7.  Funeral Director Funeral directors coordinate all the details of funerals, including services and burials. Required Education:  Associate Degree in Funeral Service or Mortuary Science Median Annual Salary (2018):  $52,650 Number of People Employed (2016):  28,700 Projected Job Growth (2016-2026): 4% (a bit more slowly than the average) Projected Increase in Jobs (2016-2026): 1,100 8.  Accountant Accountants prepare, examine, and check the accuracy of financial statements. Required Education:  Bachelors Degree in Accounting Median Annual Salary (2018):  $70,500 Number of People Employed (2016): 1.4 million Projected Job Growth (2016-2026): 10% (faster than the average) Projected Increase in Jobs (2016-2026): 139,900 9.  Computer Hardware Engineer Computer hardware engineers manage the manufacture and installation of computer systems and servers. Required Education:  Bachelors Degree in Computer Engineering Median Annual Salary (2018): $114,600 Number of People Employed (2016):  73,600 Projected Job Growth (2016-2026): 5% (as fast as the average) Projected Increase in Jobs (2016-2026): 4,000 10.  Software Developer Software developers oversee the creation of programs that make computers, mobile devices, video game systems, and e-readers function. Preferred Education:  Bachelors Degree in Computer Science Median Annual Salary (2018): $110,000  (Systems Software Developers); $103,620  (Application Software Developers) Number of People Employed (2016):  425,000 (Systems Software Developers); 831,300  (Application Software Developers) Projected Job Growth (2016-2026): 11% (Systems Software Developer; faster than the average); 31% (Applications software Developer; much faster than the average) Projected Increase in Jobs (2016-2026): 47,100 (Systems Software Developer); 255,400 (Applications Software Developer) Sources: U.S. Bureau of Labor Statistics, 2018. Other Factors to Consider Although it is prudent to take employment outlook into account when choosing an occupation, it is unwise to disregard whether the career is also suitable for you. Learn about yourself by doing a thorough self assessment and gather facts about the occupation before making a final decision.