July 3, 2024
SAURAV PANDEY
Source: Canva
This sector includes companies that offer services like telecommunications, financial data, and data processing. Jobs here can be at risk due to automation and outsourcing.
Source: Canva
Automation, such as self-driving trucks and advanced logistics, is changing this field. Economic downturns can also reduce the need for shipping and storage.
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Construction jobs often depend on the economy's health. During a recession, demand for new buildings and infrastructure projects usually drops, leading to job cuts.
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This includes businesses like dry cleaners, hair salons, and barbershops. These services can be hit hard during economic slumps as people spend less on non-essential services.
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Manufacturing jobs have been decreasing for years because of automation and globalization. This trend is likely to keep going, putting more manufacturing workers at risk of losing their jobs.
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Wholesalers who supply goods to retailers can be affected by reduced consumer spending. When retailers order less, wholesalers might have to cut jobs.
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This industry can see job cuts during economic slowdowns. For example, a drop in demand for office space can lead to layoffs in commercial real estate.
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Tasks in finance and insurance have been increasingly automated, leading to fewer jobs. A recession can also reduce the demand for financial products like loans.
Source: Canva
Though generally stable, the utilities sector faces some risks. For example, a move toward renewable energy could result in job losses in the traditional energy sector.
Source: Canva
Jobs in mining and logging have been declining due to automation and stricter environmental regulations. This trend is expected to continue, posing risks for workers in these industries.