What you need to know to help you make it.
 | Nick Vega is a money reporter at CNBC Make It. You can follow him on Twitter at @atNickVega. | | |
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With stocks tumbling and inflation soaring, financial experts are sounding the alarm that a recession may be around the corner. The economic uncertainty has led some companies to prepare for the worst by slowing down hiring efforts, downsizing or even rescinding new employment offers altogether. And job seekers can expect the market to "get much worse," Johns Hopkins economics professor Laurence Ball recently told CNBC Make It's Morgan Smith. But not all industries will be affected the equally by a recession, Smith reports. Ball, along with Harvard economics professor Karen Dynan, highlighted the four most "recession-proof" industries that offer job security during economic downturns: - Health care
- Government
- Computers and information technology
- Education
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These industries are in equal demand "whether the economy is booming or in a recession," Ball told Smith, and aren't as sensitive to changes in interest rates as industries that rely on consumers keeping their discretionary spending levels up, such as retail. Ball predicted that if a recession hits, more Americans will turn to college and higher education to improve their job prospects by adding a degree to their resume. "People are more apt to go to college if the job market is bad," he said. "And if you're graduating from college, and the job market still looks bleak, graduate school becomes much more attractive." To put yourself in the best position to get through a tumultuous time for the economy, Harvard's Dynan recommends practicing the skills required by the jobs you are most interested in. "Learning what skills employers are looking for, and being able to perform those skills well, is your best insurance," she said. You can read Smith's full story here. |
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