Healthcare and Social Assistance
2007 unemployment rate: 2.6%
Peak unemployment rate during Great Recession: 5.7%
Change of unemployment rate during Great Recession: 119.23%
2020 unemployment rate: 2.2%
Forecasted recession peak unemployment rate: 4.8%
The healthcare and social assistance sector is also among the best ones to be a part of during a recession, according to the Bureau of Labor Statistics. If we were to go by the data provided by BLS, the unemployment rates among healthcare and social assistance workers was quite low during the recession of 2007-2009. In case there’s another economic downturn, this sector is projected to have an unemployment rate below 5 percent.
Home Health Aide
Median hourly wage: $11.57
Median annual wage: $24,060
Just because there’s a recession, doesn’t mean people stop aging. In fact, the global average life expectancy has increased, and the older population has been growing in numbers, which means the demand for home health aides is also expected to grow. According to the Bureau of Labor Statistics, job opportunities in this field are projected to grow by 36% through 2028.
Health care aides provide everything from companionship to basic health assistance, such as dressing, bathing and grooming, to people who have disabilities, chronic illnesses, cognitive impairments, or age-related problems.
Medical Assistant
Median hourly wage: $16.16
Median annual wage: $33,610
Another job that’s insulated from recession is that of a medical assistant. In fact, it’s one of the fastest-growing jobs on this list, involving working alongside physicians, nurses and other health professionals in medical offices and clinics.
Job opportunities in this sector are projected to increase by 23% over the next several years, as the number of Americans aged 65 and older will more than double over the next 40 years, according to the U.S. Census.
