Although there is no job that is 100% recession-proof, some jobs have more job security compared to others. Jobs that have unions and government jobs tend to be among the most recession-proof jobs in existence. Some of the most recession-proof jobs are funeral directors, accountants, utility workers, and more.
Recession-Proof Jobs & Careers to Consider
Healthcare, food, consumer staples, and basic transportation are examples of relatively inelastic industries that can perform well in recessions. They may also benefit from being considered essential industries during the public health emergency.
That said, if you have cash to invest, you may want to consider buying recession-friendly sectors such as consumer staples, utilities and health care. Stocks that have been paying a dividend for many years are also a good choice, since they tend to be long established companies that can withstand a downturn.
Still, cash remains one of your best investments in a recession. ... If you need to tap your savings for living expenses, a cash account is your best bet. Stocks tend to suffer in a recession, and you don't want to have to sell stocks in a falling market.
Here's a list of the best recession-proof jobs for a variety of education and skill levels:
5 Things You Shouldn't Do During a Recession
Steps for Surviving a Layoff in Recession:
A recession is a decline in economic activity spread across the economy that lasts more than a few months. A depression is a more extreme economic downturn, and there has only been one in US history: The Great Depression, which lasted from 1929 to 1939.
Life expectancy can rise.
Also with falling demand, firms respond by cutting prices. This fall in inflation can benefit those on fixed incomes or cash savings. It can also help tackle long-term inflationary pressures. For example, the 1980/81 recession helped reduce inflation from the high rates of the 1970s.
Retail, restaurants, and hotels aren't the only businesses often hurt during a recession. Automotive, oil and gas, sports, real estate, and many others see heavy declines during times like these.
A good investment strategy during a recession is to look for companies that are maintaining strong balance sheets or steady business models despite the economic headwinds. Some examples of these types of companies include utilities, basic consumer goods conglomerates, and defense stocks.
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