Industries with the Most Job Losses and the Declining Occupations
Building a career is difficult enough in the best of times, but working in a sector that is losing jobs and experiencing a decline can make it even more difficult to grow.
Consider which industries have better—and worse—potential than others if you’re just entering the workforce or considering a change in employment. Over the course of your career, working in a growing industry will give you more options for promotions and job changes.
Some U.S. industries are growing, while others are contracting. Typically, declining sectors hire fewer new employees and pay employees less than those in comparable roles in prospering businesses. Additionally, growth differs geographically; some states have a far brighter future than others.
It’s a good idea to focus your job search by taking into account the potential growth, stagnation, or collapse of a specific industry. Even if you manage to find a position in a manufacturing area, for instance, there won’t be as many opportunities for growth.
If you have a job that has a bleak future, consider how you could adjust your course. For instance, if you’re interested in advertising sales, why not focus on top internet businesses rather than print publications? We’ve provided some of the industries with the most job losses so you can reconsider your career choice if you’ve ever had the prospect of engaging in one.
Top Industries with the Most Job Losses
The U.S. government’s Bureau of Labor Statistics (BLS) monitors trends in the economy and job market and produces estimates regarding areas of job growth and decline. The most recent predictions forecast increases and losses through 2026 based on changes in the economy and labor market.
The BLS projects net drops in these sectors from 2016 to 2026, which it predicts would lead to the industries with the most job losses;
- Wired Communication Carriers – Even as traditional carriers diversify into other goods, the growth of mobile phone use and the fall in landline accounts have hurt revenue. That will start the list of the industries with the most job losses.
- Publishers of newspapers, periodicals, books, and directories – Print media has lost a lot of ground to online and digital sources of information.
- Postal Service – The volume of traditional mail has reduced due to increased use of email and digital advertising. Online communication has largely replaced postal mail as the preferred method of correspondence, while private delivery providers like UPS and FedEx have slashed American prices. mail delivery.
- Printing and Related Support Services – People and businesses are storing and transferring documents digitally to save money, reduce storage requirements, and address environmental issues.
- Apparel Manufacturing – As a result of growing automation and ongoing production outsourcing to other nations, fewer manufacturing jobs are being created in the United States. Read on for more industries with the most job losses.
- Textile Mills – Similar to the garment industry, the textile industry is experiencing a decrease due to increased automation and outsourcing.
- Plastic Products Manufacturing – Along with increases in automation, a reduction in employment may be attributed to environmental worries about the disposal of plastics.
- Semiconductors and Electronic Components Manufacturing – Even though production will marginally increase due to globalization and outsourcing, jobs will still be lost.
- Manufacturing of navigational, measuring, and control instruments – The U.S. job market is declining once more as a result of international competition, efficiency and automation advancements, and increases in automation.
- Production of Other Miscellaneous Goods – Other manufacturing industries follow the same broad trend and contributing elements.
- Foundries- The same factors that affect other types of manufacturing also affect foundries. There are still other industries with the most job losses you should know!
- Communications Equipment Manufacturing– For the same reasons as those cited for other manufacturing, these employment are probably on the decline.
- Manufacturing of Computer and Peripheral Equipment (Excluding Digital Cameras) – Despite a significant growth in domestic output, this industry nevertheless confronts the same employment issues due to automation, a greater emphasis on skilled workers, and foreign competition.
- Rubber Goods Production – The creation of jobs in the rubber business is hampered by similar issues.
- Mills and Pulp – The market for particular types of paper has decreased as a result of digitization and environmental concerns. The surviving businesses have combined and reduced their staff sizes.
- Travel planning and booking services – Booking agencies for travel and tours are being replaced by automated, internet, and do-it-yourself travel services.
Also Read: How is a college transformed into a university: 9 best steps
These are the 20 fastest-declining occupations, with forecasts from 2018-2028, ranked by the percentage of employment predicted to be lost:
- Locomotive firers: 68.3%
- Technicians in respiratory therapy: 57.5%
- Employees in Parking Enforcement – 36.7%
- Word Processors and Typists – 33.8%
- Watches Repairer: 29.6%
- Automotive Electronic Equipment Repairers: 28.6%
- Operators of telephones: 28.4%
- Hand-held Cutters & Trimmers: 28.4%
- Postmasters and Mail Supervisors: 27.5 percent
- Mine Shuttle Car Operators – 25.3%
- Operators of computers: 24.1%
- Operators of switchboards and answering services combined: 23.8%
- Sorters, processors, and machine operators for the postal service: 23.8%
- Keyers of Data – 23.2%
- Assemblers of aircraft surfaces, rigging, and systems made up 22% of the workforce.
- Percent Coil Winders, Tapers, Winders, and Finishers: 15.6%
- Workers in the photographic industry: 21.3%
- Textile, apparel, and related materials (pressers) – 21.2%
- Legal assistants (20.9%)
- Prepress Technicians: 20.8%
Frequently Asked Questions
What is the main cause of business failure?
Small firms experience cash flow issues in 82% of cases. And while the majority of small business owners concur that cash flow is the biggest risk for their companies, cash flow is also a general word, or, if you prefer, a symptom, of multiple underlying causes.
What contributes to business losses?
Uninformed accounting is a fast way to corporate profit loss, whether you’re failing to keep track of your books at all, forgetting important rules, being perplexed by taxes, or disregarding spending entirely. If you take too long to record transactions or don’t respect accuracy enough, it could be losing your business a lot of money.
How do you determine whether a job is worth it?
It could be time to look for a less demanding career if you are having difficulties focusing or are feeling stressed or unhappy about your employment. Keep a watch out for symptoms that are brought on by job stress because stress is unhealthy and can have long-term mental and physical impacts, such as headaches, gastrointestinal problems, and difficulties sleeping.
What is a typical explanation for job loss?
The three basic causes of job loss are redundancy, behaviour, and capability.
High employment growth is anticipated in the top industries, and there are many different opportunities available for people looking for career possibilities. Numerous occupations are also largely immune to automation. When you start down your career path, make sure you are aware of these industries with the most job losses and the ones with expansion prospects.
TOP PICKS FOR YOU: