…And We’re Back, But The Economy Isn’t.

After somewhat of a hiatus, Challenger is back to blog about all things business.

Although the current economic conditions, which the National Bureau of Economic Research recently and not surprisingly identified as a recession, continue to cause job cuts across industries (over 1,000,000, according to our count), some sectors are fairing well or may be needed in the very near future.

Bankruptcy Law: As companies and consumers file for bankruptcy protection – especially as more and more consumers default on credit card debt – lawyers specialized in bankruptcy proceedings are going to be needed.

Counselors/Therapists: The current economic conditions may take a toll on the wellbeing of workers as companies continue to announce massive layoffs, such as Citigroup’s recent announcement of over 50,000 layoffs. Layoff survivors may also need some mental reinforcement as they mourn their former work environments.

Shoe/Clothing Repair (Tailors/Cobblers): A recent USA Today article by Adam Silverman and Dan McLean discussed the growing demand from weary consumers for shoe and clothing repair. As consumers become more cost-conscious, repairing old clothes is more palatable than buying new ones.

Financial Planners: As workers’ and retirees’ see their 401K or pension benefits shrink, more and more of them will need financial advice on what to do with their current incomes or savings. Financial planners will be needed to counsel people on how to handle their money in the current economy.


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