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Reply #11: U.S. job growth engine is badly broken [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 07:21 AM
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11. U.S. job growth engine is badly broken

The job market seems to be perking up a bit, but its just not creating work fast enough. The problem may be that its badly broken.

A closer look at the numbers points reveals that entire sections of the labor market are simply not adding jobs because theyre structurally impaired, according to a recent research report from economists at Credit Suisse. And it looks like theyre going to remain crippled for some time.

From real estate, to finance to manufacturing, these sectors have all but shut down as job-creators. Together, these industries account for about half of the jobs lost from the January, 2008 peak to the January, 2010 trough. With little or no job growth from these sectors, its as if half of the job markets cylinders just arent firing.

The hardest-hit sector, real estate, has created the biggest crater in the job market. After overall employment levels peaked, the housing bust wiped out nearly 2.5 million real-estate related jobs over the next two years. Since then, employment levels for the industry has more or less flat-lined. That sector accounts for 38 percent of the jobs lost since the job market collapsed, according to Credit Suisse.
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