Who Are More Likely To Lose Their Jobs During This Recession?
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Who Are More Likely To Lose Their Jobs During This Recession? Posted: 25 Oct 2008 11:10 AM CDT During this recession, the economy will be weak and in order to sustain operations, many companies have to resolve to job cuts. The question is how safe is yours? What are the industries that will be badly affected and who are more vulnerable to layoffs. Here is a list of the industries that will be highly affected and the workers who are more vulnerable to lose their jobs. Rankings are based on data from the US Labor Dept. 1. Housing - Employers in the housing industry, ranging from construction to development to mortgage lending to real estate sales, are experiencing widespread layoffs. 2. Finance - The financial services sector which includes investment bankers, mortgage brokers, loan processors, stock traders, analysts and bank tellers has seen a number of layoffs due to sub-prime lending. 3. Hospitality - Anyone engaged in the travel services industry, including hotel managers and staff, chefs and waitresses and travel agents, are facing a challenging year ahead. 4. Retail - High end specialty stores, online retailers and big box discounters across the country are cutting staff, largely targeting store managers in a bid to reduce costs as the soaring price of gas and groceries forces consumers to pare back spending. 5. Professional and Business Services - Business consultants and temporary employees are having a tough time finding work as the economic downturn wears on. The same is true for accountants and corporate lawyers, many of whom have been forced to lower their hourly rates. 6. Manufacturing - The Labor Department reports manufacturing companies have shed some 383,000 jobs over the last 12 months, largely from companies engaged in transportation equipment, wood products and textile mills. 7. Airlines - Record jet fuel prices have forced most airlines to announce layoffs for much of their staff including pilots, stewards and baggage handlers. 8. Auto - High gasoline prices, tighter lending standards and general economic weakness have driven the nation’s auto sector to reduce its ranks. 9. Low Wage Workers - Those who earn the least in our economy are also more vulnerable to economic pressure. Such jobs include cooks, janitors, child-care workers, laborers and freight workers, packers, cafeteria workers, cleaners, cashiers and food preparation workers. 10. New Hires - When times get tight in the public and private sector, layoffs are often dictated by seniority. Younger workers and people who return to the work force after an extended absence are at more risk to be laid off. 11. Women - Women are more at risk of losing their jobs than men. A recent congressional study found that during the 2001 recession, women not only lost job disproportionately, but never saw their employment rates recover to their pre- recession peak. Unemployment rate right now is at 6.1%, it is likely to break 7% in early 2009 and may peak at about 8% later in the year. During the long and nasty recessions of 1973-1975 and 1980-1982, unemployment rate stayed above 10% for almost a year, with 82% increase in the number of unemployed in a three-year period. 7.8% contraction in the GDP in one quarter alone and the economy does not grow for two consecutive years and could happen this time. “Emergencies have always been necessary to progress. It was darkness which produced the lamp. It was fog that produced the compass. It was hunger that drove us to exploration. And it took a depression to teach us the real value of a job” - Victor Hugo, French dramatist, novelist, & poet (1802 - 1885) a Who Are More Likely To Lose Their Jobs During This Recession?
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