2014 Job Market Perspectives blog series – Part two: 2013, a year in review

singles_ADO_JMP14_v2_Page_01Every year we release our Job Market Perspectives report, which details the current state of the job market broken down by industry sector and region. The report also contains important topics and useful information such as a 2013 year in review, a summary of the last five years, as well as an executive polling section where we take a look at what business leaders are seeing and what challenges we face moving forward.

To coincide with the 2014 Job Market Perspectives Report release, we are publishing a three-part blog series to highlight some of the information in the report. In part one, we discussed the 2007-2009 recession and what impact it had on the job market. In part two, we’ll present a recap of 2013 and show the progress we’ve made in the last year, and in the final installment we’ll present a “sneak peak” of what to expect in 2014.
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2014 Job Market Perspectives blog series – Part one: The recession

singles_ADO_JMP14_v2_Page_01Every year we release our Job Market Perspectives report, which details the current state of the job market broken down by industry sector and region. The report also contains important topics and useful information such as a 2013 year in review, a summary of the last five years, as well as an executive polling section where we take a look at what business leaders are seeing and what challenges we face moving forward.

To coincide with the 2014 Job Market Perspectives Report release, we are publishing a three-part blog series to highlight some of the information in the report. In part one, we’ll discuss the 2007-2009 recession and what impact it had on the job market. In part two, we’ll present a recap of 2013 and show the progress we’ve made in the last year, and in the final installment we’ll present a “sneak peak” of what to expect in 2014.
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2014 Workforce Trends: Part 2 – Where the Jobs Aren’t

201302-wpe-post-headerWith 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 discussed job sectors experiencing growth, touched on emerging industries and explored some thriving geographic regions. In part two, we’ll look at some of the industries predicted to decline in 2014 and geographical regions where job growth has slowed. 

The unemployment rate is the lowest it’s been in five years. Job growth in healthcare, technology, construction, and retail is booming. But the good news has yet to reach several sectors of the U.S. economy. As the digital revolution continues to change consumer behaviors and demand, many sectors are increasingly forced to cut jobs, often in staggering numbers.

Declining Industries

There are no surprises here. The industries that will experience the most dramatic decline in 2014 have been suffering for years.
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2014 Workforce Trends: Part 1 – Where the Jobs Are

201302-wpe-post-headerWith 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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December job growth staggers, but unemployment drops to 6.7%

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The U.S. Bureau of Labor Statistics (BLS) released the December 2013 employment report showing an addition of 74,000 new jobs, and a decreased unemployment rate of 6.7%, the lowest number since October 2008.

With the fourth quarter of 2013 showing robust job growth, experts were expecting to see numbers and data that continued the upward trend. What the report showed, however, was a number of contradictions.

On a positive note, the November job numbers saw the revised addition of 38,000 more jobs than previously accounted for. Additionally, the unemployment rate for December 2013 was the lowest since October 2008. With the completion of the December data, the average job gain for 2013 was 182,000 jobs a month, about the same as 2012.

A deeper look at the numbers showed many pieces of conflicting data— after such strong reports in the past few months, what did this number mean? The gain of 74,000 jobs in December 2013 was the smallest addition seen since January 2011.
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A deeper look into the BLS jobs report

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The November 2013 release of the Bureau of Labor Statistics “Employment Situation Summary” revealed that 203,000 jobs were generated last month, making this the second consecutive month in which more than 200,000 jobs were created. Total employment increased, and unemployment fell to 7.0%, the lowest since November 2008. These factors prompted a reduction in the country’s jobless rate.

There’s little argument that the U.S. economy is recovering at a steady pace, and a clear indicator to this is that since August, 204,000 new jobs have been created each month. Since January, nearly 2.1 million jobs have been added, leading many economists to forecast similar growth trends in the first quarter of 2014.
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