Careers >Articles

Job Seekers Need to Watch the Housing Bubble



Transitioning service members looking for jobs take heed: A burst of the housing bubble might have an adverse affect on job prospects in the construction and financial services industry, according to the UCLA Anderson Forecast.

The recently-released forecast predicts that once the housing slump begins an estimated 800,000 jobs will be lost as a result - 500,000 in construction; 300,000 in the financial services sector.

However there is good news. The forecast predicts that the employment slump will not affect all industries.

"There will be weakness in retail, for sure, and in manufacturing. But not widespread losses," says Edward Leamer, director of UCLA Anderson forecast.

One way military veterans or retirees can stay ahead of the employment slump is to keep an eye on the ebb and flow of the real estate, retail, and manufacturing markets. These markets might not decline as fast as predicted and should still have job opportunities available. Additionally, servicemembers should remember that other job markets need employees too and to consider all skill sets when searching for a job. And, monitor employment websites for opportunities that might enhance an underutilized skill or hone a skill developed in the military.

[Discuss this article and other career-related issues.]