2. What a difference
a year makes.
As we neared the end of 2007, warning signs were beginning to emerge
of an economic slowdown. In 2008, these signs accelerated and transformed
into a state of volatility and uncertainty for the U.S. and global economies.
Many events contributed to make this a reality.
2009 Job Market Perspectives 2
3. The housing and credit crises bringing long-debated issues
continued to mobilize. Gas prices like healthcare, immigration and
soared as the cost of oil peaked education reform back into the
in the summer at around $140 a national dialogue.
barrel. The banking industry was
These monumental economic
taken by storm as many reputable,
and political developments did not
storied banks went bankrupt,
happen in isolation. In fact, they
merged or required rescuing.
impacted all of us in our everyday
The U.S. government approved
roles as consumers, homeowners,
an historic $700 billion economic
voters, tax payers, and particularly
bailout. A hard-fought presidential
as workers.
election dominated headlines,
In our 2009 Job Market Perspectives report,
we explore the current and future state of our labor market,
piecing together where our present reality falls on both
global and historic scales.
We will look beyond the numbers to provide a holistic analysis of the national
jobs situation and outline where we’re currently seeing job opportunities
both by industry and region.
2009 Job Market Perspectives 3
4. The economics:
The job market switches gears.
2008 began with an This trend would only continue for the rest
of the year, with unemployment rising from
immediate about-face just under 5 percent to around the 7 percent
for the U.S. labor market. mark combined with over 2 million total
job losses for the year.
Following a year where over a million
While these bottom-line numbers represent
jobs were added to our economy, January
the sum total of what’s happening nationally,
2008 marked the first month since the
it’s important to dig deeper and look at how
2001 recession ended in which the Labor
this picture changes vastly by region and
Department reported declines to payrolls.
by industry, as well as how our job market
compares to those in other countries.
From 2006-2008, unemployment rose
from just under 5 percent to around 7 percent.
2009 Job Market Perspectives 4
5. The economics:
Looking beyond our borders.
According to the Organization for Economic borders are less defined than ever. The
Co-operation and Development (OECD) the economic slowdown is not only impacting
average global unemployment rate reached the U.S., but is being felt globally, with the
6 percent by the third quarter, tying closely U.S. job market right in the center of it all.
to the U.S. average for the same time period
at 6.1 percent. While our rate is weaker
Global unemployment rates as of August-November 2008
than some of our European neighbors like
the UK and Italy, the U.S. continues to be China (as of June) 4.0%
positioned closely to other leading economies, Japan 4.2%
even favorably as compared to Germany Russia 5.3%
and France. UK 5.7%
Italy 6.0%
While unemployment varies widely around
Canada 6.1%
the world — Norway’s unemployment is less
U.S. 6.7%
than 3 percent while South Africa is over
Germany 7.2%
20 percent — it is safe to say that the world
continues to become more connected and Brazil 7.6%
France 8.0%
South Africa 23.2%
2009 Job Market Perspectives 5
6. The economics:
Looking backward and forward
to put today in perspective.
While we are certainly living in historic times, workers are expected to enter the workforce
just how historic are the current conditions during the same period. This means that,
from a job market standpoint? Feelings of by 2015, the U.S. will face a shortage of more
uneasiness and concern certainly intensify than 10 million workers. Despite the economic
when the unemployment rate rises beyond conditions, from a pure demographics and
the 6 percent mark, but, over the last 50 population perspective, demand for workers
years, national unemployment has fluctu- will be on the rise, creating opportunities
ated between a low of 4 percent and a high in the coming years.
of 10 percent. So, while this is the highest
unemployment rate we’ve seen in quite some
time, it is still substantially lower than the
Change in nonfarm payrolls in thousands
9 percent experienced during the mid-1970s.
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Additionally, when you look at the long-term
08 08 08 08 08 08 08 08 08 08 08 08
view, there is more positive news for us to
-8
consider. Data from the U.S. Department -39 -47 -67
-67
-82 -100
of Labor’s Bureau of Labor Statistics (BLS) -127
that tracks expected job openings versus
working population indicates that, in the
-320
coming years, 70 million Baby Boomers will
-403
reach retirement age while only 40 million
Source: Bureau of Labor Statistics
-533 -524
U.S. unemployment rates, 1958-2008
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
1958 1968 1978 1988 1998 2008
Source: Bureau of Labor Statistics
2009 Job Market Perspectives 6
7. The economics:
Where we’ve been.
Election season. halt auto sales and keep highways
and roads across the country less
2008 marked one of the most crowded than in previous years.
momentous and closely followed In fact, while gas prices tied for
presidential elections in American third on a list of worries presented
history. From the news media to to American workers in 2007, it took
office water coolers around the the top spot in 2008, according to
country, people were passionate our 2008 Workplace Insights survey
and highly engaged around the conducted in September 2008 when
issues and the varying stances gas prices were at an all time high.
presented by each candidate.
In fact, 50 percent of American
Credit crisis.
workers admitted to talking about
politics at work according to our The credit crunch, which took form
2008 Workplace Insights series in 2007, boomed right into 2008
survey. On November 4, the country making it more challenging for
elected Barack Obama as its first consumers to get mortgages,
African-American president while leases and loans. Businesses
Congress moved to a democratic also had to meet more stringent
majority, emphasizing a general standards to secure lines of credit
shift in alignment and focus for the and access liquidity, making both
American public. With continued business maintenance and expan-
rising unemployment and job sion projects more challenging
losses, American workers will to pursue and execute. The credit
now be focused on seeing how crisis presented particular challenges
the new administration can bring for the credit intermediation sector
growth back to the economy of the economy, which lost thousands
and job market. of jobs in 2008 as credit vehicles
like mortgages, loans and leases
Pumped-up were harder to come by and solicit.
gas prices.
Passing the bailout.
The price of oil was volatile
In early October 2008, following
throughout the year and many
weeks of extensive debate and
were alarmed and concerned
negotiation, Congress passed into
when the average price of a gallon
law a $700 billion economic bailout
of gas rose beyond $4 in the middle
plan meant to rescue and stimulate
of the summer. Prices sharply
growth for the U.S. job market and
declined later in the year, but these
economy. While leaders on Capitol
temporary highs were enough to
2009 Job Market Perspectives 7
8. Hill were able to agree on the need As of December 2008, the industry
for a bailout, how to spend it is an lost almost 150,000 jobs for the
entirely different issue. Many are year, showcasing the direct impact
divided on which institutions and of the turmoil on the workforce of
industries should reap the benefits these institutions.
of this historic rescue package.
From a workforce perspective,
Auto manufacturing
the bailout could potentially mean
struggles.
much needed relief for those workers
in troubled sectors whose employers Following the release of third quarter
need an infusion of cash to help earnings, the financial woes facing
bring stability back to their business. the country’s auto manufacturers
were showcased in a new light,
Financial raising red flags around the indus-
try’s ability to maintain itself and
services turmoil. bringing the big three auto manu-
The banking industry experienced facturers to Capitol Hill in search
one of the most challenging years of government endorsed financial
in its history. The subprime mort- relief. Earnings reports revealed just
gage meltdown, credit crunch and how much the economic slowdown
continued market meltdown caused and credit crisis have impacted
major financial institutions to file American consumers’ resources to
for bankruptcy, merge or require buy cars, hindering manufacturers’
federal assistance. In September access to capital and ability to churn
alone, we witnessed the combina- profits — yielding over 160,000 job
tion of institutions like JPMorgan losses in this sector from December
Chase and Washington Mutual, 2007 to 2008.
Wells Fargo and Wachovia, and
Bank of America and Merrill Lynch.
2009 Job Market Perspectives 8
9. The economics:
Where we’re going.
Monitoring change. (PERI) and the Center for American
Progress, which encourages the
Much of 2008’s election season government to invest some $100
revolved around the idea of billion in “green” jobs, the country
“change.” In 2009, people will could stand to add some 2 million
be watching closely to measure new positions to our economy
the effectiveness of the new in the coming years as a result
presidential administration and of this initiative.
Congress. These new leaders
will be highly scrutinized for their
GDP growth.
ability to effectively navigate the
country through the current turmoil Third quarter 2008 marked the first
and volatility, quickly needing quarter in which we experienced
to prove their ability to match GDP contraction which also
campaign promises, improve the continued into the fourth quarter.
economy and bring job creation In addition to the National Bureau
back to America. of Economic Research officially
declaring that the U.S. has been in
“Green Collar” jobs. a recession since December 2007,
we are now in a formal recession
The worldwide attention paid which hinges on two consecutive
to global warming has spurred quarters of contraction. A major
interest in the burgeoning field initiative in 2009 will be to stimulate
of “green collar” jobs. A fairly new production in the country in order
segment of the workforce, these to reverse these negative results
jobs, which support more environ- and bring growth back to the
mentally conscious behaviors and American economy as swiftly as
practices — wind energy, alternative possible. Job creation and GDP
fuels, hybrid car manufacturing, growth typically go hand in hand,
etc. — are expected to grow much so it will be important to watch how
faster than the national average. both indicators shift and impact
Businesses of all kinds are creating one another in 2009.
positions to address sustainability
issues as a result of legal require-
Healthcare reform.
ments and public interest. Further,
the government plans to continue While the 2008 election season
to support green job growth in saw a wide range of issues debated
2009. According to a recent study and scrutinized, one of the most
by the University of Massachusetts’s important was healthcare reform.
Political Economy Research Institute
2009 Job Market Perspectives 9
10. With over 17 million Americans
Regulatory shifts.
claiming no health insurance, the
While the early part of the decade
need to deliver some sort of plan
was rocked by regulatory reforms
for reforms is high. 2009 will be
coming in the form of SOX, there
an important year to see how the
are new acronyms entering the
new administration plans to enact
corporate lexicon — XBRL (data
an overhaul of the current system.
tagging of financial statements)
While the healthcare industry
and IFRS (international reporting
continues to stem major job growth,
standards) — which will create
it will be important to sustain this
challenges for today’s finance
momentum to help compensate for
professionals. In recent surveys
other declining industries through-
with the Institute of Management
out 2009.
Accountants (IMA) the majority
of finance professionals feel that
Consumer spending. their organizations are not prepared
for implementation of either initiative.
Throughout 2008, consumer
This will create a challenge for
spending continued to weaken,
companies and their finance teams
making it an especially challenging
to maintain business as usual and
holiday shopping season for
focus on meeting the current high
retailers. In 2009, legislators will
demand for their financial analysis
be looking for ways to increase
skills while, at the same time,
cash flow to Americans in order
realigning their operations to
to stimulate spending and enable
adapt to these major industry shifts.
a new flow of cash to filter into the
On the other hand, it also increases
economy. It will be key to see how
demand for finance talent to help
legislation forms and where the
manage and implement these
bailout hits Main Street in order
processes — a great opportunity
to encourage this process. Without
for these highly skilled professionals.
the increase in consumer spending,
it will be challenging for the retail
job sector to begin adding more
jobs to their payrolls and turn
around the downward trend seen
in late 2008.
2009 Job Market Perspectives 10
11. Where the jobs are:
by occupational sector.
While sectors like manufacturing, construction, financial services and
retail have been hit hard recently, it’s still difficult to make generalizations
about the job market — especially when we still see a strong demand
for professionals with higher levels of education and training in sectors
like accounting, IT, engineering and healthcare. Here’s our analysis
of some of the major sectors of the U.S. job market.
2009 Job Market Perspectives 11
12. Where the jobs are:
Healthcare
Situation overview. One important dynamic is the
increased pressure for healthcare
The healthcare industry continues
institutions — from hospitals to
to be the strongest sector in the U.S.
doctor’s offices to health insurance
job market. Having added over 2
companies — to better integrate
million jobs since 2001, the healthcare
technology into their operations.
industry makes up 9.5 percent of
Projects such as the computerization
the entire workforce, up sizably from
of medical records, automated billing,
8.3 percent in 2000. Throughout
and enhanced prescription tracking
2008, the industry continued to add
are all heightening the need for talent
thousands of new jobs each month
in the industry.
despite the broader labor market
turmoil — and this is one trend we Continued research and development
don’t see ending any time soon. is also a contributor. As the U.S.
seeks to defend its title as home to
the most advanced medical techniques
Areas in demand.
and technologies, sizable investment
The Baby Boomer generation is aging
in this space will continue.
and is helping to keep healthcare
growing. This generation accounts
Sources: BLS, New York Times
for nearly 30 percent of the entire
U.S. population and, in the coming
years, will be utilizing the healthcare
system at an especially high rate.
Healthcare providers need to prepare
for this influx of patients. Staffing up
now is in the right strategic direction
for administrators and will yield the
need across all layers of the industry
— from nurses to billers to adminis-
trators to doctors.
2009 Job Market Perspectives 12
13. Where the jobs are:
Finance and accounting
Unemployment rate:
4.9% (financial activities)
# of American workers:
977,400
2007-2008 change in workforce:
+6,000 workers
Regions in high demand:
Northeast, West
Situation overview. Areas in demand.
How do you feel about While the financial crises of 2008 Contributing to the need for this set
your job security today, negatively impacted many finance of finance talent is the continuously
compared to a year ago? professionals, one portion of the changing regulatory environment.
industry that has not felt the same sort While many companies have been
of pain is the accounting profession. able to get over the SOX hump, new
I feel my job is
much more secure 4% Through everything that’s happened compliance and regulatory standards
in our economy, a few financial coming in the form of XBRL and IFRS
functions have actually increased will require the right people to imple-
I feel my job is
much less secure 7% in importance. These include: risk ment these new systems and ensure
management, auditing, financial they are integrated successfully.
I feel my job is analysis, budgeting, collections and Beyond this, the AICPA projects that
somewhat more secure 11% cost management — all of which are three-quarters of the field will reach
accounting and corporate finance retirement age by 2020, leaving a
I feel my job is skill areas. huge skill gap and high demand for
somewhat less secure 18% talent in the coming years — putting
Case in point: in a 2008 survey of
increased pressure on employers to
400 CFOs which we commissioned
I feel my job security deploy just the right recruitment and
in conjunction with CFO Research
is about the same 60% retention strategies to be successful.
Services, the majority of those polled
These dynamics make it clear that
(60 percent) felt their job security was
Sources: 2008 survey by Ajilon Finance/CFO Research/AICPA
accounting is and will continue
at the same level as it was in 2007.
to be one true bright spot within
Why the confidence? Accounting
the financial job market.
talent continues to be in high demand
and, according to the Bureau of Labor
Sources: BLS, New York Times
Statistics, accounting will be among
the fastest growing professions —
forecasted to grow 18 percent by 2016.
2009 Job Market Perspectives 13
14. Where the jobs are:
Information technology
Unemployment rate: 5.0%
# of American workers: 9 million
2007-2008 change in workforce:
+14,000 workers
Regions in high demand: West, South
Situation overview. maintaining the appropriate levels
Top desired skills of security to match the growth in a
More and more, technological
company’s IT infrastructure. So much
for tech workers advancement is becoming synony-
of today’s business is conducted
mous with business advancement.
over the Internet and on computer
As an effective IT strategy continues
Entry-level employees
networks that maintaining the
to be closely tied to business success
• Problem solving
appropriate security levels is crucial.
and innovation, the importance
• Ethics and tolerance
Viruses, hackers and other attacks
of this job sector continues to grow
• Communication (oral and written)
have only become more advanced
accordingly.
• Collaboration/teamwork
and will require superior IT talent to
• Business analysis Compared to 2007, at the end of help combat these threats and build
• Functional area knowledge Q308 there were 60,000 more IT a more sound technical environment.
jobs in the U.S. reflecting the strong
The IT space represents a home for
Mid-level employees demand for these highly skilled
a limited group of highly specialized
• Ethics and tolerance workers. Despite everything that’s
individuals, which helps to keep
• Problem solving happening externally, companies
the demand for these professionals
• Communication (oral and written) cannot afford to stop investing in IT.
high at all times. We foresee this
• Collaboration/teamwork
demand continuing in the near
• Project leadership
Areas in demand. term, especially for computer and
• Decision-making
Whether through the development information systems managers,
SOURCES: BLS, Society for Information Management
of complex computer networks, and application developers, who
enabling wireless Internet access will especially be needed to help
for all employees, or advancing companies navigate the next
the company’s external website technological evolution and wave
or intranet, the span of IT projects of development.
continues to widen. A key focus
now and in the future will also be Sources: BLS, Society for Information
Management
2009 Job Market Perspectives 14
15. Where the jobs are:
Legal
# of American workers: 1.2 million
2007-2008 change in workforce: -16,000 workers
Regions in high demand: Northeast, West
Situation overview. As law firms and in-house legal teams
look to manage their costs closely,
As a whole, the legal profession has
Sections of the legal this also creates great opportunities
had a challenging year. The freezing
profession, such as for paralegals and legal assistants.
of the credit markets has halted a lot
Major law firms are offering first-year
of the deals that kept many firms busy
commercial litigation associates right out of law school
in recent years. Further, real estate
$160,000 starting salaries on average.
and bankruptcy law, lawyers with a high concentration
As a result of this high asking price,
in practicing law around residential
have been booming many legal teams are shifting respon-
real estate have also been hit
sibilities and changing their staffing
as a result of the particularly hard.
models. This means that paralegals
current economic and legal assistants are regularly being
Areas in demand. asked to take on some responsibilities
turmoil. In times of trouble, opportunity often that were traditionally handled by
arises. Sections of the legal profes- lawyers, thus increasing the demand
sion, such as commercial litigation for highly qualified talent at the
and bankruptcy law, have been paralegal and legal assistant levels.
booming as a result of the current
Further, eDiscovery has recently
economic turmoil. Lawyers with these
had a major impact on the industry.
sorts of skills are largely sought after
As the dynamics of document review
right now and will continue to be in
continue to shift and evolve, this
the near future. Additionally, health-
creates employment opportunities
care and environmental law continue
for legal professionals who have
to be particularly strong as litigation
the right educational accreditations
and casework in these segments
and specialize in this process.
continues to grow.
Sources: The Wall Street Journal, BLS
2009 Job Market Perspectives 15
16. Where the jobs are:
Engineering
Situation overview. Areas in demand.
While engineering talent can be According to NACE and the Bureau
hard to find, these professionals of Labor Statistics, those in highest
continue to be highly pursued. In fact, demand include:
the National Association of Colleges
Civil engineers
and Employers (NACE) found that
Median annual salary: $68,600
engineering majors were at the very
Projected job growth: 18 percent
top of the list of the most sought after
graduates from the class of 2008. Chemical engineers
Median annual salary: $78,860
Despite this high demand, attracting
Projected job growth: 8 percent
people to the profession has
been a challenge. Masters degree
Electrical engineers
enrollments in engineering, after
Median annual salary: $75,930
peaking at 91,000 in 2003, have
Projected job growth: 6 percent
declined to 83,000 in 2006, while
PhD enrollments have leveled Mechanical engineers
off at 57,000. However, enrollment Median annual salary: $69,850
# of American workers: numbers only tell a partial story: Projected job growth: 4 percent
1.5 million the ratio of enrollment rates versus
Companies need the highly
graduation rates paint an even
2007-2008 change specialized niche skills that engineers
grimmer picture with only 55 percent
in workforce:
bring to the table to stay innovative
of those enrolled in undergraduate
+6,000 workers
and bring their customers the most
engineering programs completing
cutting edge products and services.
Regions in high demand: their degrees. Furthermore, 40 percent
This thirst for innovation and efficiency
Midwest, South of master’s recipients in the U.S.
will not subside any time in the near
are foreign nationals.
future, creating great opportunities
for those currently in or interested in
entering this high-demand profession.
Sources: NACE, BLS
2009 Job Market Perspectives 16
17. Where the jobs are:
Manufacturing
Areas in demand.
One portion of the industry helping
to inspire some growth is exports.
According to the National Association
of Manufacturers, exports have
accounted for nearly half of the U.S.
economy’s growth from 2007-2008.
Factors such as a weak dollar and
rapid industrial growth in areas
outside of the U.S. like Asia, Eastern
Europe and the Middle East, have
brought increased demand for U.S.
products. As this continues, we could
see this growth helping to offset some
of the domestic losses from a decline
in home and auto purchasing.
Another positive sign of life for the
industry could come in the form of
“green manufacturing.” As jobs related
Situation overview.
to the global green movement are
Producing new jobs continues to
and will continue to be on the rise for
be a challenge for the manufacturing
the foreseeable future, manufacturing
industry. From December 2007 to
is one of the key industries set to
December 2008, the industry lost
feel a positive impact. For example,
almost 800,000 jobs. While the
according to a recent report by the
majority of the job losses were
Energy Department, the United States
concentrated in housing and auto
could make wind energy the source
manufacturing related areas, the
of one-fifth of our electricity by 2030,
industry continues to be a dominant
up from about 2 percent today. This
portion of our workforce. In fact,
sort of revolutionary shift would require
standing alone, U.S. manufacturing
nearly $500 billion in new construction
would be the eighth largest economy
and could potentially add more than
in the world.
three million jobs, meaning renewed
opportunity and growth for the
manufacturing industry.
Sources: New York Times, BLS, NAM
2009 Job Market Perspectives 17
18. Where the jobs are:
by region.
Just as a diversified investment portfolio is more likely to weather an
economic downturn, regions with hybrid economies are also performing
better in the current climate. Most of the regions that are suffering are feeling
the impact of a decline in goods-producing sectors. On the other hand,
the more stable regions rely less on a single sector and more on a number
of stronger industries like healthcare, education, IT and professional services.
Let’s take a closer look at all of these regions.
2009 Job Market Perspectives 18
19. Where the jobs are:
by region
Northeast Midwest
Best jobs: Education, Healthcare, Best jobs: Engineering, Construction
Finance/Accounting, IT
• 2008 was challenging for the Midwest
• Throughout most of 2008, the Northeast as the region frequently reported the
was the region with the lowest or highest unemployment rate in the country,
close to lowest unemployment rate, coming in above 6.5 percent in the
staying below the national average second half of the year.
the entire year.
• For the past two years, Michigan was
• The economy in the Northeast is largely often the state with highest unemploy-
professional services oriented with ment rate, coming in at 10.6 percent
a heavy emphasis on service- versus in December 2008 largely due to job
goods-producing industries. losses in the manufacturing sector.
• Turmoil in the financial services industry • Kansas’ Labor Secretary noted that,
has not only impacted New York city, from 2004 to 2014, the overall workforce
but also the surrounding tri-state area is expected to expand by 12.3 percent
which lost over 50,000 jobs in 2008. in the state. He also reported several
new policies were working to keep
• Massachusetts had one of the lowest
more Kansans employed and helping
unemployment rates in the region largely
business expand — the state’s reduction
due to the high number of educated
in the unemployment insurance tax paid
workers — 52 percent of workers in
by employers meant that businesses
Massachusetts have a college degree
were able to keep $78 million of their
versus the national average of 24 percent.
revenues in 2007, a figure that should
• Over the first three quarters of 2008, grow to $90 million for 2008.
New Jersey saw only about 21,000 jobs
• Illinois’ unemployment rate hovered
disappear out of a total workforce of over
around 7 percent for most of the year.
4 million people, allowing unemployment
According to the state’s Security Director,
to remain below the national average.
Maureen O’Donnell, the state is using
• Despite weakness in construction programs like the Illinois Works Jobs
nationally, construction jobs have Plan to create jobs in some of the hardest
remained stable in Pennsylvania — hit sectors, including construction which
the strongest job segments in the state has lost 10,000 jobs over the last year.
are education, healthcare, natural
Sources: BLS, Associated Press, Kansas Department
resources and mining, which all continue
of Labor
to add hundreds of jobs each month.
Sources: BLS, MetroWest Economic Research Center,
New York Times, New Jersey Department of Labor
and Workforce Development, Associated Press
2009 Job Market Perspectives 19
20. Where the jobs are:
by region
West South
Best jobs: IT, Engineering, Best jobs: Healthcare,
Finance/Accounting Finance/Accounting, IT, Engineering
• The West has seen the largest year- • The South was one of the most stable
over-year unemployment increase as regions, with unemployment remaining
compared to the other regions, rising below the national average throughout
by around 2 percent in 2008. 2008.
• The financial and housing crises have • More than any other region, the South
a had a big impact on California’s job benefits from a hybrid economy with
market as the state unemployment rate a good mix of goods- and service-
rose to its highest level in 12 years in producing jobs that have allowed the
2008 largely due to a halt in construction industry to maintain stability through
activity, falling home prices, and the current economic turmoil.
a decrease in consumer spending.
• While Florida’s unemployment rate
• Despite the turmoil in California, Silicon steadily rose throughout 2008, several
Valley has held its own. The state has portions of the state’s economy, including
the highest number of tech workers in the tourism and government, continued to
country and IT jobs are still plentiful there. add thousands of jobs. State economists
forecast a return to normal job growth
• Nevada economists estimate that the
for the state in 2010.
state unemployment rate will average
about 8.6 percent for 2009, reaching • Texas’ unemployment rate is far lower
8.7 percent by the end of the third quarter. than most states, hovering at around
Las Vegas continues to see job growth 5 percent. The state’s job market has
in the hospitality jobs category, but actually reaped some of the benefits of
construction has slowed, hindering NAFTA and has been positively impacted
the growth seen in recent years. by the oil and energy industries.
• Washington saw its unemployment rate • While Michigan has lost thousands of
fluctuate in 2008 which, according to the manufacturing jobs, Texas and Alabama
state’s chief economist, indicates that are two states that have actually grown
“the economy is substantially better than by the thousands when you look at their
it was during the 2001 recession, when manufacturing workforce.
Washington’s employment level declined
Sources: BLS, Associated Press, Miami Herald,
for 20 consecutive months.” Major job
Dallas Morning News, Wall Street Journal
growth is taking place in education,
healthcare and publishing.
Sources: BLS, California EDD, Los Angeles Times,
The Las Vegas Review-Journal, Washington Employee
Security Department
2009 Job Market Perspectives 20
21. The long road back to
economic stability and growth.
2008 will be remembered as a year of historic political and economic events that
influenced the way we live and work. What’s especially unique about our current situation
is how it is impacting the country as a whole — whether your office is on Wall Street or
Main Street, you live in Washington, D.C. or Washington State, you work in manufacturing
or in financial services, we’re all united by the current economic realities.
There are certainly major challenges to overcome in 2009 to get our worlds back on
track. From employee to employer, citizen to politician, and consumer to business owner,
the road back to economic stability and growth will once again be paved by the skills,
perseverance, innovation and hard work of the American workforce in 2009.
For more perspectives on the economy and labor market and how emerging
trends will affect your business, contact an Adecco representative today
at 877.8.adecco or visit adeccousa.com.
2009 Job Market Perspectives 21
