Sunday, March 8, 2009

Recession-Proof Industries

See if you can find in the figure below--which plots the cumulative % change in employment since the start of the recession--those industries where this recession has had little or no effect on employment (click on figure to enlarge):

Yes, employment in the education and health services sector and the government sector appear impervious to the recession. Interestingly, employment in the natural resource and mining sector is also growing, but the rate of growth started slowing down in September 2008. Unsurprisingly, employment in the construction sector and durable goods manufacturing sector have been hit the hardest. Below are the absolute numbers for the various sectors (click on figure to enlarge):

No matter how you slice the data, these numbers are ugly. And as noted by Justin Fox, William Polley, Barry Ritholtz and others, these employment numbers in percentage form are now worse than the 1981-1982 recession.

1 comment:

  1. It seems that you have left out one industry that has proven to be recession proof! It's the video game industry. This blog says its better than I can though: