The Recession Is 4 Years Old, Guess Which Industry Is Suffering the Most?

[xchrom]

http://www.theatlantic.com/business/archive/2011/12/the-recession-is-4-years-old-guess-which-industry-is-suffering-the-most/249426/

Four years ago this month, the United States entered the great recession. As Friday's jobs report reiterated, we still haven't come close to fully recovering. Since December of 2007, non-farm payrolls in the United States have shrunk by roughly 6.8 million jobs. And as Derek Thompson noted earlier today, at the rate of today's job growth, we could still be a long, long way off from reaching full employment.

But the recession didn't hit every industry with the same ferocity. Take healthcare, which now employs roughly 1.4 million more people now than at the end of November 2007. Mining and logging has grown by 83,000 workers. Most major industries, though, are still far down from their 2007 peaks. Using Bureau of Labor Statistics data, we've graphed out the changes in several key employment sectors. You can check out the 2007 stats here and the 2011 numbers here.

[NNN0LHI]

1. Thanks for posting this and recommended

[marmar]

2. K&R.......

...... and I bet the rise in "Education Services" is largely the explosion in for-profit "education" firms, such as diploma mills and charter school companies.

[Prometheus Bound]

3. I wonder where agriculture would be in that graph.

Probably relatively unchanged. I think there are less than a million workers in the industry.

[MrModerate]

4. Yipe! I work for an engineering/construction company . . .

and we haven't experienced anything like that downturn. However, we construct mines and associated infrastructure, so that probably explains it.

[lynne]

5. I was in one of the industries to the LEFT side of the bar, -

- was laid off almost 2 years ago and wasn't able to find another job in the same field. Healthcare is booming because of the aging baby-boomers. Once they're out of the picture, it will take a backslide.

[EFerrari]

6. Construction down 26% but Real Estate only 3%?

How does that make sense.

[Fumesucker]

8. Large backlog of already built properties..

People who are buying are for the most part buying already built, that still qualifies as a real estate transaction but no or little construction is involved.

[EFerrari]

11. Residential real estate is pretty dead and nothing happening

in commercial because there is no financing. In other words, movement in real estate is a good predictor for construction. If the market is good, there are more people willing to take a risk on development which in turn creates construction jobs. I know a lot of people who have left RE in the last five years.

This article says sales are up 10% from last year in CA. But that's just up from last year although it seems to be a 6 month trend.

"Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this indicates more buyers are taking advantage of the excellent affordability conditions," he said.

http://www.ocregister.com/news/sales-329666-home-fha.html

[Fumesucker]

13. I know of retail spaces that have sat 80-90% finished for five years now..

There's not going to be much new construction until all the old stuff is finished up and I don't think that is happening any time soon.

[Huey P. Long]

7. kr

[Name removed]

9. Deleted message

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[Fumesucker]

10. Well, the person I know whose business has hurt the worst is in construction..

And the person I know with more work than they can possibly handle makes prototype orthopedic implants and tools for orthopedic surgeons.

Sounds about right.

[Starry Messenger]

12. k&r

[Prometheus Bound]

14. OK, I'm starting to understand what I'm looking at here.

The growth in three of the four positive sectors is due to government spending: healthcare, education services and Fed govt.

It's hard to believe logging is up, so the growth in that sector must be in mining, mainly because of demand from China. But mining is only 1.6% of GDP so it isn't very interesting anyway.

So if it weren't for government spending, all but mining would be negative.