To some, it might sound silly to suggest that you avoid ANY job right now, especially in the face of almost 10% national unemployment, and if that’s the case – touche – we agree. Take any job you can get to make ends meet. What we’re emphasizing is that there are certain sectors of certain industries weak now and expected to remain so going forward, either short term or long. If your education, training, or career goals happen to coincide with one of these, it might be a good idea to have a backup plan.
Construction: Unemployment in this industry is at 17% right now. With the foreclosure crisis still unreeling, a resumption of building new houses on any sort of broad scale is not likely to happen in the near future.
Realty: See our comments on construction. The bottom line is the realty industry has lost 200,000 jobs since 2006.
Automotive: Detroit has lost 300,000 jobs in recent years but that isn’t all the damage. Periphery jobs lost are estimated at three for every one auto construction that goes away. We’re looking at almost a million people out of work due to the financial mess the industry brought upon itself. Thanks unions!
Pharmaceuticals: The big drug inventions of the 1990’s and 2000’s are running into the fact that their patents are expiring, which means everybody else can horn in on the action. With companies merging and downsizing, only the next “it” drug will turn this train around.
Postal Workers: Already considering dropping Saturday delivery, the USPS can’t seem to do the job of moving parcels as well as private firms like FedEx and UPS. With actual letters being replaced by email, what’s left for the boys and girls in blue to do except take shots at one another?
Federal Government: Believe it or not, Mr. Obama has frozen the pay of federal employees for two years, and more than 240,000 federal jobs have been slashed since 2007, so don’t pin your hopes for a swanky retirement on a government paycheck.
Other areas without a rosy future include education, the military, public safety, and banks. Charles Darwin taught us about evolution, and it seems that some of the former stalwart employers of this economy are disappearing like the dodo bird. Don’t be the last one in line.
The Young Wealth Team
Flickr / Aranami