Many employees are feeling nervous about their job security, but some industries are more at risk than others during the current economic crisis.
As of September 2008, 760,000 jobs have been lost this year, according to data from the Bureau of Labor Statistics. Also, a quarter of U.S. employers expect to make layoffs in the next 12 months, according to a recent report by consulting firm Watson Wyatt.
Experts say certain sectors are more vulnerable to layoffs than others:
Housing: Jobs in the housing sector were the first to go when the mortgage meltdown began, and more could follow.
Finance: Many in the financial sector are feeling insecure about their positions, with good reason. The Department of Labor estimates financial firms have eliminated 110,000 jobs over the past year, and more are on the way.
“This could be the weakest holiday hiring season since 2001,” said John Challenger, chief executive of global outplacement firm Challenger, Gray & Christmas.
Publishing: As consumers cut back purchases, advertisers follow, and that means rough times for print publications, experts say. Further, jobs are being lost in traditional publishing due to the move from print toward digital media.
Travel: Airlines have been making layoffs all year, but as consumers continue to scale back spending, all types of travel jobs are at risk.
“All the industries under the umbrella of travel are going to be at risk” Challenger said, including rental cars and hotels.
Autos: Sales at the Big Three automakers have declined 20% this year and will continue to drop, leading to more job loses in the auto industry.
Retail: Retailers are struggling with low sales due to high gas prices and falling home equity.