How Secure Is Your Job?
There are more than 15 million Americans looking for work, as the unemployment rate has surged to nearly 10%. There are six job seekers for every available job opening. Finding employment during these times can seem depressing, until you discover that there are some sectors that are still looking for qualified employees.
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Jobs that are Hiring
Information technology is one of the fastest growing job fields in the United States. It's growing so fast that companies are unable to meet the demand with only U.S. job applicants, and many companies outsource their technological needs to India and China because they are unable to find qualified IT professionals in the United States.
According to CNN Money, this career field is expected to grow 45% over the next 10 years. "The best job in America" is a systems engineer, an IT job, and IT project managers, network security consultants and software developers all made the cut for the 50 best jobs to have over the next decade. (Information Technology is a perfect example of a sustainable field during economic recovery. Find out more, in Riding The Bear Into A Bull Market.)
As the population continues to age, the demand for healthcare is expected to increase over 100%. Healthcare professionals will be needed to treat illnesses and provide medical attention that ensures a greater quality of life. It doesn't matter what healthcare profession you pick; the demand is enormous and is expected to only increase with the passage of the new healthcare reform bill.
Nurse practitioners, physician assistants and physical therapists are listed as three of the top 10 professions on CNN's 2009 "Best Jobs" list for their high levels of pay and job growth potential. Anesthesiologists and pharmacists occupations ranked highly. (Healthcare investing requires a multifaceted approach to understand the underlying drivers. Find out more, in Investing In The Healthcare Sector.)
Did you think that financial professionals were suffering because of the economic collapse of the last few years? That isn't the case. While some investment bankers may not be receiving any calls from headhunters anytime soon, there are a lot of finance professionals still in demand. As individuals grapple with the crippling effects of the recession on their finances, the need for financial professionals will only grow.
The demand for financial advisers alone is expected to grow 41% over the next six years. CPAs, financial analysts, finance directors, actuaries and mathematicians are also highly sought after by corporate America. (For more, check out 6 Sectors That Are Creating Jobs.)
Jobs that are Firing
With all of the jobs being shipped overseas to China, domestic manufacturing jobs are few and far between. The manufacturing sector as a whole has lost 2.1 million jobs. With the closing of several domestic automobile manufacturing plants, factory workers are having a difficult time finding gainful employment.
Even pharmaceutical companies, like Johnson & Johnson (NYSE:JNJ) and Pfizer (NYSE:PFE), have announced plans to lay off workers over the next few years. Because of the disappointing job outlook, ironworkers, welders, sheet metal workers and drill press operators are some of the worst jobs to have (as far as job security and future outlook) in 2010. (Going through a layoff? Check out Losing Your Job: From A To Z.)
Do you remember when the newspaper was the source for finding out everything that you needed to know? Well, not anymore. The newspaper industry has been decimated by electronic media and 24-hour news networks. This has planted a bleak outlook for newspaper employees.
According to the Business Insider, the U.S. print sector lost 24,500 jobs from September 2008 to September 2009. This is just the beginning. Gannett and USA Today have been trimming staff and more layoffs may be on the way. Newspapers reporters, columnists and journalists are being squeezed out of their jobs due to declining circulation and lower ad dollars. (The media plays an important role in how investors look at current information and how our opinions are shaped based on the information they provide. Find out more, in Financial Media 4-1-1 For Investors.)
Americans are spending less, which is bad news for retailers because they are losing sales and being forced to close stores and lay off employees. The retail sector is losing jobs and some analysts don't expect them to be coming back anytime soon.
According to USA Today, the retail sector has lost roughly 1.2 million jobs since the recession began. Many big brand retailers have been forced to slash payrolls just to stay afloat. Salaried retail workers are becoming extinct, while the few retail stores that are hiring are employing lower-level hourly employees like cashiers and baggers.
The Bottom Line
The economic outlook may be bleak but jobs are available in the right sectors. Job hunters can increase their chances of finding employment by developing the qualifications and skills that fit with sectors that are hiring. (For more, see 5 High-Paying, Low-Stress Jobs.)
Catch up on your financial news; read Water Cooler Finance: Goldman Fined, Financial Fixes And Apple's "Apology".