Job cuts: Travel

Travel: Airlines have already announced layoffs across the board, but as consumers and businesses continue to scale back discretionary spending on travel, the implications go far beyond flying.

"All the industries under the umbrella of travel are going to be at risk" Challenger said, including rental cars, hotels and even restaurants.

If people are cutting back, travel and leisure activities are the easiest things to do without, explained Baker. Big restaurant chains will close locations, he said, which means eliminating many wait staff and service jobs, while some smaller restaurants will be forced out of business entirely.

But despite the mostly doom-and-gloom predictions, some say there are some bright spots ahead for American workers.

"Even if you're in an industry where there has been some job downturns, there still can be some opportunities," said Kimberly Bishop, vice chairman of Chicago-based executive search firm Slayton Search Partners.

Bishop suggests focusing on those skills and experiences that can translate beyond the industry in which you work. There are certain roles that every organization needs, she said, and you may be able to fulfill that role in another industry that has more promise.