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These Are the 10 Most ‘Recession-Proof’ Jobs Heading Into 2023
By Mary Ellen Cagnassola MONEY RESEARCH COLLECTIVE
“Despite the possibility of an economic downturn, the labor market remains tight.”
Between reports of corporate layoffs and forecasts anticipating a recession early next year, it’s no surprise that most Americans are feeling on edge about their job security.
Some workers, however, can breathe a sigh of relief, according to a Payscale report ranking which jobs are least likely to feel the impact of an economic downturn. The compensation data and software company determined its list of most “recession-proof” jobs by salary growth using employee-reported data from more than 1.1 million workers in the U.S.
According to Payscale, people working in food service, banking, emergency response, advertising and sales strategy are some of the most unlikely to get laid off in the event of a recession. Payscale says the jobs listed are stable thanks to staffing troubles amid labor scarcity and increased competition.
“Despite the possibility of an economic downturn, the labor market remains tight, forcing employers to pay top dollar to attract and retain talent for the most sought-after roles,” Lexi Clarke, vice president of People at Payscale, said in a news release.
The report also found that the top 10 positions on the list saw significant wage growth this year, with compensation increasing 14% to 30%.
These are the most “recession-proof” roles moving into the new year.
- Waiter/waitress
Median pay: $19,900 annually
Salary growth: 30% - Private banker
Median pay: $93,000
Salary growth: 25% - Media director
Median pay: $108,000
Salary growth: 23% - Police, fire or ambulance dispatcher
Median pay: $44,500
Salary growth: 19% - Sales consultant
Median pay: $56,800
Salary growth: 18% - Microbiologist
Median pay: $59,900
Salary growth: 16% - Marketing and business development director
Median pay: $119,000
Salary growth: 16% - Dock worker
Median pay: $41,100
Salary growth: 15% - EKG technician
Median pay: $40,400
Salary growth: 15% - Installation technician
Median pay: $46,800
Salary growth: 15%
Labor market outlook for 2023
Outside the tech industry, the threat of a recession has had a much softer impact on wages and unemployment than economists expected. The Labor Department reported that unemployment remained low in November at 3.7%, the same as the previous month.
Wages were also up 5.1% year-to-year, suggesting that an economic downturn probably won’t have the devastating toll on the labor market that Americans experienced in connection with the Great Recession in 2008.
Overall, workers probably won’t have to relinquish all the power they’ve gained over the past few years. Though the Great Resignation may seem like it’s winding down, Payscale says companies that ask employees to return to in-person office work are at risk of losing talent, even with the potential of layoffs.
“Workplace flexibility has been shown to improve employee satisfaction, so rescinding this perk can be a major factor in employees’ decisions to resign,” Clarke said in the news release.
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Mary Ellen (M.E.) Cagnassola joined Money in 2022 as a reporter covering service-driven stories for everyday consumers. She got her start as a general assignment reporter in her home state, New Jersey, after earning a bachelor's degree in journalism and media studies from Rutgers University.