3 Top Tech Stocks to Buy During a Recession
Recessions don't affect every industry equally. And depending on what is causing the recession, an industry could skate by virtually unscathed. In the economic downturn associated with the dotcom bust, U.S. employment only fell 1.3%. During the financial crisis, overall employment dropped 5.4%. In this latest pandemic-induced recession, the number of people at work dropped 14.7%. We've still only recovered about four-fifths of the jobs lost.
That hasn't stopped the companies tied to employment from prospering. Workday (NASDAQ: WDAY), Paycom (NASDAQ: PAYC), and Intuit (NASDAQ: INTU) have each seen revenue and profit rise thanks to the combination of their software-as-a-service (SaaS) business models and the need for companies to keep taking care of employees. Each of them are wonderful businesses to add to your portfolio when Wall Street's is most negative on the economy. Here's why.
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Source Fool.com
