In the face of economic uncertainty, it may seem counterintuitive to ask about job openings, especially considering the recent reports of significant layoffs. However, it is essential to remember that the job market is dynamic and complex, like a two-faced coin, with both negative and positive aspects coinciding.

CNBC reports that in January, while there were approximately 100,000 layoffs, employers also created an impressive 517,000 new positions. This number far exceeded expectations, as it was almost three times the anticipated figure. Such a trend highlights the resilience and adaptability of the job market, even during challenging times.

 

Who is Hiring?

  • Boeing plans to hire 10,000 employees this year, mostly in manufacturing and engineering.
  • Airlines are actively recruiting pilots, and many airports are hiring due to renewed interest in air post pandemic.
  • Chipotle intends to hire 15,000 workers.
  • Numerous other restaurants are hiring in anticipation of a busy spring season.
  • Electricians, plumbers, and heating-and-air conditioning companies need help to retain staff.

 

Rolling Recessions

Think of it as a series of recessions that roll through different industries, affecting some more than others. This concept is similar to rolling blackouts, where electricity is preemptively shut off during peak hours. Just as some areas may experience more blackouts, some professions may feel the economic pullback more strongly than others.

If you’re currently job searching, certain occupations may be more challenging to find employment during these rolling recessions, while others may have more job openings available. For example, finding work in government administration, education, and consumer services may be difficult due to high competition for limited job openings. Yet, industries such as oil and gas, hospice, and healthcare may be easier to find employment in.

There are also some industries experiencing staffing shortages, such as hospitality, prompting employers to offer pay increases to attract workers. In the retail sector, Home Depot recently announced plans to raise wages to entice potential employees.

 

Fresh Out of College?

When heading off to college, you might not be thinking about your future paycheck, as you’re more focused on pursuing your passions or enjoying newfound independence. However, it’s essential to consider potential salaries before choosing a career path.

According to a recent New York Federal Reserve report, engineering dominates the list of highest-paying college majors five years after graduation, with eight of the top ten majors falling under that category. Chemical engineering comes in at number one, with a median annual salary of $75,000 shortly after college, while computer, aerospace, and electrical engineering also rank in the top five.

Not all industries are affected equally during economic downturns, so it’s important not to make headlines about layoffs as an indication that everything is dire. It’s important to be aware of your own personal numbers, such as potential salary, when making career choices. While you don’t necessarily have to choose the highest-paying job, knowing what you’re getting into can help you make informed decisions throughout your career path.