With a new year and new jobs data having been released by the Bureau of Labor Statistics, we are publishing a two-part blog series to highlight some of the latest job market trends. In part one, we’ll discuss job sectors experiencing growth, touch on emerging industries and explore some thriving geographic regions. In part two, we’ll look at some of the regions and job sectors in decline for 2014.
The recession seems to be in the rearview mirror and job growth is occurring in many sectors, making 2014 a promising year for employment figures across the board. This is good news for the U.S. economy and a welcome refutation of last year’s doomsayers who believed that the economy would falter in the near future.
Pundits galore predicted that the unemployment rate would rise in 2013 and 2014, driven by a perfect storm of returning vets, Baby Boomers unable to retire due to losses from the housing crash, reduced consumer spending, and increased offshoring of jobs to China and elsewhere.
The numbers, however, tell a different story. In November, the private sector added 238,000 jobs. The unemployment rate dipped below 7 percent for the first time in five years and seems poised to continue its downward course. Baby Boomers are indeed retiring, freeing up much-needed employment opportunities for Millennials. Meanwhile, manufacturing costs in China appear to be rising, rather than falling. These factors are driving job growth across a variety of sectors.
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