Which Careers Are ‘Recession Proof’?

With fears of a recession looming, some economists are expecting a volatile job market in the coming months. According to CNBC, this is all the more reason to pursue a career that's 'recession-proof'.

According to research from LinkedIn, these four industries are considered the most stable: government, utilities, education, and consumer services, all of which are expected to continue hiring at the same rate going forward. The hospitality industry is also a consistent leader in hiring and payroll expansion.

LinkedIn identifies certain industries as having slack, meaning that employers are having an easier time filling jobs and don’t need to use as many enticements to find workers. Those industries are government administration, education and consumer services, where applicants outnumber job openings.

Moderately tight markets include, tech, entertainment, information and media, professional services, retail estate, retail and financial services. In these industries, job applicants are having an easier time finding opportunities while employers are having to step up recruitment efforts.

Extremely tight labor markets include accommodation, oil and gas, hospice and health care. LinkedIn says that in those fields “employers cannot fill vacancies fast enough.”

This is a startling statistic. If you work a minimum wage job in South Carolina you'd have to work 106 per week to afford the average rent. That number comes from the National Low Income Housing Coalition's 2022 Out of Reach report. The purpose is to bring awareness to the issue that rent is "out of reach" to many low-income workers across the country.

According to the organization's website:

To put it into perspective nationally the Housing Wage is $25.82. That is for a modest two-bedroom rental home. A one-bedroom you would need $21.25 to afford. These statistics are based off of the idea that an individual should spend no more than 1/3 of their income on rent.

The numbers for South Carolina are shocking. It's a well-known fact that it's hard to make ends meet on minimum wage. However, the idea that you'd have to work more than 2 full-time jobs that paid minimum wage to afford rent is unacceptable. Let's take a look at some of the other statistics below and a breakdown of each of South Carolina's metropolitan areas.

All data comes from the National Low Income Housing Coalition's 2022 Out of Reach Report which can be read here.

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $16.02

2 Bedroom FMR: $833

Annual Income Needed To Afford FMR: $33,320

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.2

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $17.42

2 Bedroom FMR: $902

Annual Income Needed To Afford FMR: $36,240

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.4

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $24.10

2 Bedroom FMR: $1,253

Annual Income Needed To Afford FMR: $50,120

Full Time Jobs At Minimum Wage Needed to Afford FMR: 3.3

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $26.38

2 Bedroom FMR: $1,372

Annual Income Needed To Afford FMR: $54,880

Full Time Jobs At Minimum Wage Needed to Afford FMR: 3.6

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $13.69

2 Bedroom FMR: $712

Annual Income Needed To Afford FMR: $28,480

Full Time Jobs At Minimum Wage Needed to Afford FMR: 1.9

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $13.69

2 Bedroom FMR: $712

Annual Income Needed To Afford FMR: $28,480

Full Time Jobs At Minimum Wage Needed to Afford FMR: 1.9

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $19.04

2 Bedroom FMR: $990

Annual Income Needed To Afford FMR: $39,600

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.6

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $13.87

2 Bedroom FMR: $721

Annual Income Needed To Afford FMR: $28,840

Full Time Jobs At Minimum Wage Needed to Afford FMR: 1.9

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $16.00

2 Bedroom FMR: $832

Annual Income Needed To Afford FMR: $33,280

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.2

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $19.08

2 Bedroom FMR: $992

Annual Income Needed To Afford FMR: $39,680

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.6

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $17.87

2 Bedroom FMR: $929

Annual Income Needed To Afford FMR: $37,160

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.5

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $14.62

2 Bedroom FMR: $760

Annual Income Needed To Afford FMR: $30,400

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.0

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $16.23

2 Bedroom FMR: $884

Annual Income Needed To Afford FMR: $33,760

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.2

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $15.06

2 Bedroom FMR: $783

Annual Income Needed To Afford FMR: $31,320

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.1

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $20.42

2 Bedroom FMR: $1,602

Annual Income Needed To Afford FMR: $42,480

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.8

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $16.62

2 Bedroom FMR: $864

Annual Income Needed To Afford FMR: $32,560

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.3

Hourly Wage To Afford 2 Bedroom Fair Market Rent (FMR): $16.37

2 Bedroom FMR: $851

Annual Income Needed To Afford FMR: $34,040

Full Time Jobs At Minimum Wage Needed to Afford FMR: 2.3