RECESSION 2023: Should You Worry About Data Science Jobs? 📉

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Hi everyone! 👋 This video is slightly different from my usual content. But I'm hoping to provide a more positive take on the coming recession and what it means for tech/ data science jobs. We'll be going over some basic Macroeconomics concepts, and then talk about the silver linings of the coming recession and what you can do to prepare for it.
I hope you enjoy this video 😄. Let me know what you think in the comment below 👇
🔑 TIMESTAMPS
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0:00 - Intro
1:46 - Economics 101: Recession, inflation and policies
6:33 - Why this recession might be different
7:33 - Job marketing is relatively good!
8:33 - Becoming irreplaceable
9:52 - Transformed data job market
12:10 - Producer vs. Consumer mindset
13:22 - Benefits of recession for start-ups
14:10 - Connect & collaborate with others
14:31 - Find your sweet spot
👩🏻‍💻 COURSES & RESOURCES
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📖 Excel Skills for Business 👉 coursera.pxf.io/doPaoy
📖 Machine Learning Specialization 👉 imp.i384100.net/RyjykN
📖 Data Visualization with Tableau Specialization 👉imp.i384100.net/n15XWR
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📖 Mathematics for Machine Learning and Data Science Specialization 👉 imp.i384100.net/LXK0gj
📖 Applied Data Science with Python 👉 imp.i384100.net/gbxOqv
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#datascience #datanerd

[@sazopro]

I remember the 2008 recession and I learned that gaining new in demand skills during that time pays off greatly once the recession is over. So, recessions are an opportunity!

[@sajanator3]

I think my data science degree should be finished just as the recession ends. Thanks for this really insightful video :)

[@LukeBarousse]

Loved the positive frame of mind on the crazy time we are going through right now🙌🏼

[@Thuvu5]

Thank you Luke! It’s indeed a crazy time.. It’s so great we have a community of kind nerds here! Btw, thanks so much for your thumbnail idea 🙏🤩🤗

[@LukeBarousse]

@@Thuvu5 No probs! Teamwork makes the dream work! 🙌🏼

[@uriastriumph4780]

All I can say after watching this video is, thank you. You've shared such optimism and hope for us all.

[@piperspurpose3005]

Thank you for sharing your thoughts and insights. You addressed a variety of important and timely issues regarding jobs, growth, and building resiliency. I feel much more hopeful and inspired 🤩

[@niallwhelan2648]

Timely and informative as usual, thanks!

[@rfoliveira1975]

This was excellent! Per usual, your reasoning is very clear and the logical concatenation of the ideas was outstanding!

[@User-88gf88]

Appreciate your positivity and optimism. Wish us all luck in 2023.

[@Thuvu5]

Thank you!! Yes, best of luck for us 🍀🤞

[@ravendario860]

Thanks for this wonderful video. I am in the project management field and would like to transition into more data-related post. This gave me a clear mindset on what to prioritize more on the job hunt.

[@Hierothewordsmith]

Your pronunciation has really improved since your earlier videos. I love to see growth even in subtle things as this it makes your message more personable.

[@Thuvu5]

That’s great to hear! Thank you for this feedback 😊🤩

[@phamhuy4924]

Well thought-out 16 minutes of economics Thu! Thank you so much :)

[@Thuvu5]

Thank you for watching, Huy!

[@bigboy44110]

Love this video. I took on a pretty hefty side-project for a local non-profit. I wanted to help locate our local food pantries and homeless shelters and every month send a report to the non-profit on which shelters are helping the most people [and theories as to why]. Now, I'm doing it [still as a side-project] for my state. It's difficult. The data is so nebulous. But it truly does help to branch out and 'produce' something that makes your life feel fulfilling. I'm hoping I actually develop a model that I can just give organizations because when you do these type of projects you get 800 OTHER ideas in the process. As always, thanks for the inspiration Thu Vu!

[@arielfelices5879]

What a great content! Thanks Thu Vu! 😊

[@zarathustrasmonky]

Thanks, Thu Vu! I appreciate the coverage of a difficult topic. It seems like it's a topic that people more invested in training new comers are shying away from

[@iktmx8567]

Thank you so much, the macroeconomic theory one is so clearly explained. And the overall content is really really good (covering all important aspect that we should know and also being so insightful. Hope u know that i really appreciate your content. Subscribed❤

[@d4tset785]

Great video to clarify the tech current situation 👍🏻

[@dorottyah.9714]

Really inspiring! Thank you!

[@tangierla2682]

i admired your knowledge and also the willingness to share it with the world. It would be great if you could share your english learning path as well.🥰

[@chaos_monster]

I also think, that salaries are correcting downwards, that's why so many big tech companies (with overpriced salaries) reduce their workforce

[@yuriypodvysotskiy3087]

Nice video! Good luck to you

[@minhcanh83]

You are my inspiration ❤️

[@tomvvmarsin2743]

Thanks for your positive vibe. Let's do our best in these tough days.

[@iremcorumaktas3226]

Great video! As an economics student (bachelors before, now masters), and a learner of data science, I related to this video so much! Although I still think that what I have learned in economics is quite relevant for data science since econometrics is basically an intro to data science for me. Tbh I believe that time series analysis is a form of data science :)

[@ishanojha9946]

Of course it is

[@adeveloper6653]

needed that economics refresher

[@LIV-FREE-VET]

Great stuff!! 💯

[@xerxesgouveia1747]

Thanks for this video. I started my pos degree in Data Science last saturday. Your channel is helping me a lot. Hugs from Brazil!

[@rogerc23]

Sorry what’s a pos degree?

[@Thuvu5]

Thank you Xerxes 🤗🤗. How exciting!!! Good luck with learning in your new degree 🙌

[@promaFT]

you are so energetic, always!

[@geor664]

Some one who talks in models and maths. You have my full attention. Good overview of the current economic situation. With regards to BS jobs, these usually occur at large corporate businesses with multiple internal business units. They have reliable income streams, the business units, in part, work to create new income streams and flay around trying to establish new directions and income. Federal Government jobs also suffer from the same directionless syndrome, in my direct experience at both over a 45 year career. In terms of ML jobs, for small to medium business units, focus on providing the How more than the Why. In other words how do you implement an ML setup to save a business money or fullfil a contract, more so than why does this ML work and make sense to use (the strategy and modelling). IMHO you need the why figured out before you can do the how. Perversely, smaller business's don't care, they just want to be shown the how. So what happens is that a (previous) really good programmer gets the job (better than my coding skills) but they haven't got a clue which way to proceed. They know their ML strategies but don't understand the underlying physics of the problem model. You look at the code they produced and its beautiful. But their code ultimately fails because their combined approach between coder and management is, let's throw code at the wall and see what sh*t sticks. And it doesn't. A common problem is that you will work for very savvy business people who know how to attract money for a job. Unfortunately their eyes glaze over when you try to explain the maths or the model of what your doing. DON'T do it. Don't explain the nuisances of the problem (like you don't have enough data, we have to use a T distribution). Just give them an MVP (Minimum Viable Product) and say "this will do the job and later will need improvements). It gives them a quick solution and gives you a get out of jail card for the future (record the event in an email or document). As for band aid solutions that management go for, it's a very common problem. Just fix the current mess and get it working. "don't waste time engineering a better solution, the risks are too high you will fail and the rewards of a new system are too uncertain". Unfortunately, it's the norm. Patch it and suffer, we don't have the time and resources to do it properly.... I applaud your positivity and mental stance. You truly are a producer rather than a consumer of knowledge. What a great attitude. You are addressing important problems, specifically the Phylosophy as well the mechanics of ML work. And yes, never stop learning. Stay curious. Life is an adventure.

[@Neverhood.]

Hello! First of all thank, you very much for your motivating content! 2. I really like the shelf on your desk, any tips where can I buy something similar?

[@gavinkalaher7314]

I'm a believer that we should never abandon our chosen paths due to macroeconomic conditions. Instead, continue to forge a path, invest in education and personal growth, push the envelope by adding layers to your skillset, improve your portfolio, network and teach others. Eventually, once the tide turns you'll be in a far stronger position than others who have less faith and change with the shifting sands.

[@presentlivinghk]

I don't see the companies HR knows where to find talents. I tried to raise attention in my past company that there was an elephant in the room that C officers need to tackle. As a result, I was laid off in late 2019. However I started up my business during pandemic to build my abilities in Accounting, Marketing, Operating business etc. Still with my transferable ability from Inflight entertainment industry, I was not able to get an interview in Netflix, Apple TV or Disney+, as I found room of improvement in the user experience in those platforms. I keep working my best in my own business and trying to develop youtube content/podcast and hopefully one day those OTT company found me.

[@valor36az]

Fantastic video

[@johnwig285]

Yeah i was pissed, many countries' economy were alr in the green light recovering. And then someone had to play Command & Conquer in real life. Some of my company's ships had to take a longer route now & some have to cancel or delay everytime an incident occurs. For instance, a tanker of another company (a ship, not a tank) got hit. But ppl often downplay the effects of supply chain disruption.

[@longcl83]

I’m graduating this Spring with a BS in Mathematical Science and a data science minor! I’m hoping that this degree combo would make me marketable 😅 for data science jobs.

[@astrovishalthakur]

Congratulations on hitting 100k.

[@Thuvu5]

Thank you so much Vishal 🤩🤗

[@JustAn0therSoul]

the 1337th like was me, i couldnt resist 😁

[@skyloya3779]

I realise your effort to welfare of community imparting knowledge of Data science. You are great, Dear....

[@v-sig2389]

Hello Thu Vu ! Thanks for the video. Yes, my fear is to fall into a "bs" job ... Also, many recruters post "data analyst" jobs where in fact those are jobs in excel 😑 My image of a data analyst career went from "the sexiest job of the 21st century" to "a bs jobs trap". Also, I want to avoid at all cost a job in a bank or for advertisment, so it is quite a challenge to understand what the market has to offer for me.

[@Thuvu5]

Argh I can imagine.. this is such a real issue 🤦‍♀️. Hope you’ll soon find something that’s actually interesting and meaningful!

[@contrive400]

Lol, I am reading that book. It's prrtty interesting!

[@TrentTube]

I agree with your theory that jobs in data science are poised to get better / more relevant / more efficient per capita.

[@chinalurumclementina8152]

Great video I must say 👍 but I'd love to ask, as a beginner in data analysis, how's the best way to put all you've learnt to practice to retain your knowledge. Secondly could you help me with platforms where I can search for junior entry data analyst jobs 🙏

[@TreeLuvBurdpu]

You can't explain recession as a consequence of business cycles and not include the large effect of gov't regulatory changes without being willfully complicit in hiding regulatory damage. The whole purpose and justification of regulations is to affect the economy, and it's enforced on national and global scales, so it's much more an actor of interest than various business cycles. The people "leveling the playing field" imposed global lockdowns and damaged the economy, which is actually hundreds of millions of people's life-long pursuits.

[@rjarpa]

The best description ever of the economical situation without any propaganda or double message. Outstanding . ❤

[@darshuetube]

It is not so much about saving the money. Average people don't have much money to save in the first place. It is more about companies not being able to get cheap money to expand. Now companies now have to pay more interests so they can't afford to hire or keep people. Many zomby companies will go bankrupt due to higher interest rate.

[@jordantherubio]

Yes i totally agree. People are so scare about recession but really they are missing the big picture. Like its a time for downsizing, taking a break, create and distribute, and study more to get a better position in the future. It’s a one step back for two step forward. Thank you for the data and visualizations talking Coursera and now i know what those mean lol can’t wait to get my first data analytics job.

[@Thuvu5]

Absolutely agree Jordan! Wish you all the best with job searching and learning 💪🙌

[@shubhashissingh1467]

Hi Mam i am little confuse how to practice for data science ... i enrolled for a program i know basic knowledge of python .. what should my daily routine like ( learning..practicing ) .. how much should i practice and what to practice ... it will be very helpful for new learner thanks.

[@w3s77]

A good data scientist should be able to estimate the positive actions to take.

[@yyx3090]

Hi, I try to join your discord but it somehow says the invitation is expired?

[@shadow6161]

ma'am next video on jupyter lab tutorial

[@thaole-yz3ep]

Cảm ơn Vũ vì đã truyền động lực cho mình. Mình muốn hỏi một điều là làm data analyst có cần phải giỏi tiếng anh không bạn. Tiếng anh của mình nếu thi Ielts thì cũng chỉ tầm 7.5-8 và kĩ năng viết của mình không tốt lắm. Mình sẽ cải thiện. Trước giờ mình toàn chọn những công việc technical một tí và luôn tránh xa những nghành đòi hỏi tiếng anh. Mình muốn thay đổi một lần. Cảm ơn thời gian của bạn!

[@r0cketRacoon]

chỉ tầm 7.5-8

[@JJDK485]

I'm enrolled in a course in AI and machine learning, which also includes some data science subjects. I don't know anymore. I feel like if i don't enjoy this field, then it'll be doom.😅😅😅

[@franciscoman22]

I never thought you would be a keynesian

[@sunnygawande5283]

How is Aston University for MSc in data analytics? What do you think to study abroad plan(MSc data analytics/business analyst) in this recession.

[@JJDK485]

You can do the course Business Analytics online at Aston. Unless you have a rich family, i wouldn't recommend studying abroad 😅

[@sunnygawande5283]

@@JJDK485 tbh it's a way to settle abroad for most but in addition to that I also want to learn from top education institute. So my goal is study+settle abroad

[@ArunKumar-bp5lo]

does that also means the tech stocks are low and good time to buy as it will grow eventually??

[@rogerc23]

No. That depends on govt spending packages. If the govt continues to spend more stocks will rise. You need to do proper evaluations of the companies you look to invest in.

[@criptik5208]

What to choose web development or data science?

[@endmysuffering6847]

Choose what you like/enjoy. Both are good career paths.

[@SonyCamry]

why is it so hard to get a data analyst job? its so hard feel depressed.

[@Arthur_N_Rich]

It is hard. Do not give up. I’ve been in your shoes, and I’ve lost hope before. However, I’m working as a data analyst now in a big bank and now I’m watching this video and others and I’m kind of shocked that I’ve “made it.” Do not give up. You can do this.

[@nandafprado]

Person in a bullshit job here, its the 2nd bullshit one in 3 jobs I've acted on in my life, for me the ideia that 40% of jobs are bullshit is even in a certain way optimistic, almost all I see its maintenance of bad code, and any trial of fixing or rebuilding the system is shut down cus of "budget limitation" when maintenance costs almost as much as rebuilding the system. Even the suggestion of clearing up development stuff that accidentally got into production is soo limited by burocracy that we often see management asking to write out exception error as "passes", as in "we understand that is an error but cant you just code it to make it pass and we deal with it later".

[@Thuvu5]

I’m so sorry about your experience 😔, writing errors as passes is totally insane🤯

[@chinalurumclementina8152]

Please I can't find the channel

[@Pusatici]

If you want to encourage yourself to build a new skillset on tech during these hard times, I highly recommend NeetCode's video: kzbin.info/www/bejne/fp7JaJRrqp2hec0 It is a good take on layoffs and how his story about job hunting during covid, relates to job hunting now.

[@dautruongdqt]

Chị là người Việt Nam phải không ạ.

[@mauriciocastro2665]

You are beatifull 🙂

[@ndlxiv]

🐥

[@fuhat1040]

WE DONT FUCKING PRINT MONEY.