Your SlideShare is downloading. ×
Adecco Jobmarket 2010 (2)
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Adecco Jobmarket 2010 (2)

619
views

Published on

The 2010 Job Market Perspectives is in depth look at: …

The 2010 Job Market Perspectives is in depth look at:

The current and future state of our labor market.
The recent economic downturn from a global and historical perspective.
How legislation may impact the workplace.
Shifting workforce demographics.
Where the jobs are – by industry and by region.


0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
619
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
17
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. 2010 Job market perspectives
  • 2. The road to recovery. Although we are still some way from a full economic upturn, we have made considerable strides. But getting to this place certainly hasn’t been easy, especially for the American workforce. In December 2008, the National Bureau of Economic Research’s declaration of an official economic recession was paired with news that our country had already been in the grips of a downturn for a full year. Events such as the collapse and failure of major economic institutions sparked significant market declines and subsequent ripple effects that were felt across Wall Street and Main Street and from board rooms to cubicles in most workplaces across America. 2010 Job market perspectives 2
  • 3. 2009 saw some of the steepest job cuts in American history. Unemployment reached 10.1% before year- end and job losses totaled 7.7 million since the start of the recession in late 2007. Beyond economic volatility, the word “change” took on a whole new meaning in 2009 with major shifts in the U.S. political framework. A new presidential administration came into office and quickly enacted a federal stimulus to help kick start the recovery. However, in the fourth quarter of 2009 While these are the initial signs of economic recovery, all encouraging or at least stability, began to quell months of fear and uncertainty. GDP grew again signs, surviving in the third quarter, initial jobless claims the economic stabilized, corporate earnings showed signs of life and demand for temporary upturn — workers increased — all indicators that u-shaped the light at the end of the tunnel is getting or otherwise — brighter. will require the Adecco Group’s 2010 Job market perspectives report explores the current same foresight and future state of the labor market, and agility piecing together where the present reality falls on both global and historic scales. as did surviving the recession. It looks beyond the numbers to provide a holistic analysis of the employment situation nationally and outlines the status of job opportunities both by region and industry, aimed at helping you to best position your organization and your career for a successful ride back up. 2010 Job market perspectives 3
  • 4. Where we’ve been: New presidential administration focuses on a stimulus. President Obama’s $700 billion around the success of the stimulus package. These slowdowns continued steadily as American Recovery and the year progressed, but skepticism around Reinvestment Act was signed shortly the impact of stimulus efforts persisted as the after he came into office with the goal of unemployment rate broke 10% in October. stimulating the U.S. economy through an infusion of capital that would hopefully spur economic and jobs growth. According to an Adecco Group survey conducted in February, Monthly unemployment rate 10.1 10 73% of workers believed that the stimulus 9.7 9.8 10 9.4 9.5 9.4 package would successfully create the 8.6 8.9 8.2 promised 3.5 million jobs and a follow-up 7.4 7.7 6.9 6.6 survey conducted at the half-year point 6.2 showed similar levels of confidence in the stimulus package. In July, the unemployment rate continued to rise, but, for the first time since the start of the recession, the rate of job losses slowed, Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 showing some signs of encouragement Source: Bureau of Labor Statistics 2010 Job market perspectives 4
  • 5. Opposing views on the impact of the stimulus package. “ The stimulus will have created or saved about 1.5 million jobs by the end of September 2009.” Congressional Budget Office projection “ Is the private sector actually ready to pick it up once public support is scaled back? We won't see robust growth until 2011.” Joseph Brusuelas, top economist for Moody’s Economy.com “ I don’t see the green sector providing the stimulus that the economy needs... either in terms of jobs or in terms of the positive impact on the trade balance, because the U.S. relies too heavily on foreign countries to source goods needed for a green economy.” Samuel Sherraden, policy analyst, New America Foundation 2010 Job market perspectives 5
  • 6. Where we’ve been: American giants fail and collapse. Just as Lehman Brothers’ 2008 bankruptcy Despite the dismal reports of unemployment shook the stability of jobs in financial services, and the weakness in today’s job market, Detroit’s crisis in 2009 further confirmed there remains a wide range of opportunities what was known for many years, namely available, especially for skilled professionals that the U.S. economy is increasingly reliant in accounting and finance, engineering, on the professional services and technology IT and healthcare. Job seekers should look sectors. The ongoing challenge of a shrinking toward aligning their skills with industries manufacturing economy is retraining the and professions that will be positively millions of Americans displaced from manu- impacted by investments from the stimulus facturing jobs so that they can fill vacant package and increased job opportunities jobs in emerging fields and industries. for financial services and legal professionals from TARP oversight. Some of the opportu- According to the Bureau of Labor Statistics, nities created by TARP and governmental there were more than 2.5 million unfilled oversight include forensic accountants, jobs at the end of Q309. Of those, 422,000 management accountants, and internal were in professional and business services auditors. and another 534,000 were in education and health services. 2010 Job market perspectives 6
  • 7. Jobs added and lost by industry February 2009 - February 2010 Employment services Manufacturing 100K 100K 50K 50K 1 0 0K -50K -50K -100K -100K -150K -150K -200K -200K Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 09 09 09 09 09 09 09 09 09 09 09 10 10 09 09 09 09 09 09 09 09 09 09 09 10 10 Temporary Construction 100K 100K 50K 50K 0K 0K -50K -50K -100K -100K -150K -150K -200K -200K Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 09 09 09 09 09 09 09 09 09 09 09 10 10 09 09 09 09 09 09 09 09 09 09 09 10 10 Professional services IT 100K 100K 50K 50K 0K 0K -2 3 -1 0 -50K -50K -100K -100K -150K -150K -200K -200K Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 09 09 09 09 09 09 09 09 09 09 09 10 10 09 09 09 09 09 09 09 09 09 09 09 10 10 Healthcare Financial services 100K 100K 50K 50K 0K 0K -50K -50K -100K -100K -150K -150K -200K -200K Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 09 09 09 09 09 09 09 09 09 09 09 10 10 09 09 09 09 09 09 09 09 09 09 09 10 10 Education Source: Bureau of Labor Statistics 100K 50K .2 0K -.5 -.5 -50K -100K -150K -200K Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 09 09 09 09 09 09 09 09 09 09 09 10 10 2010 Job market perspectives 7
  • 8. Where we’ve been: A global perspective. According to the Organisation for Economic recession, but they trail the U.S. as the Co-operation and Development (OECD), the impact of lowered consumer/supply-chain average global unemployment rate reached demand follows an extended downturn. eight percent by mid-year 2009, lower than The labor markets in Japan and Korea are the U.S. average for the same time period at reporting steep declines, but unemployment just over nine percent (9.1%). Unlike previous rates remain considerably lower than the recessions, in 2009 the U.S. found itself U.S. for the time being. outpaced in the speed of recovery by its European allies. In fact, even as the U.S. unemployment rate continued to climb Global unemployment rates, as of mid-2009. during the first half of 2009, Germany, France, and Italy reported significant drops Japan 5.2% in unemployment between Q1 and Q2. UK 7.6% Italy 7.4% Unemployment varies widely around the Canada 8.4% world – unemployment rates among our U.S. 9.1% OECD allies in Asia are significantly lower than the rates seen in Western countries. Germany 7.5% The export driven economies of Japan France 9.2% and Korea are feeling the impact of the Spain 17.9% South Korea 3.8% Source: Organisation for Economic Co-operation and Development (OECD) 2010 Job market perspectives 8
  • 9. The economics: Looking backward and forward to put today in perspective. Feelings of uneasiness and concern typically Of the four periods of economic contraction intensify when the unemployment rate rises defined as recessions since World War II, beyond the six percent mark. During the the current recession is tracking to be the last 50 years, the national unemployment longest on record. Previously, the 1981-82 rate has fluctuated from four percent to recessions held this record, spanning 14 10 percent. In August of 2009, the unem- months. The current recession began in ployment rate reached 9.7 percent for only December of 2007, and will likely continue the second time since World War II, and through the first quarter of 2010, spanning economists were correct in their prediction more than two years. that unemployment would reach 10 percent While “green shoots” in the economy have by the year’s end as we hit that mark in been identified and are sparking optimism, October. So, while the U.S. economy is comparing the current state of the job beginning to show signs of improvement, market to historical trends underscores the 2010 will likely begin with the highest depth of our economic crisis and the long unemployment rate recorded since the path to recovery. Great Depression. 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 2010 Job market perspectives 9
  • 10. Where we’ve been: A shifting political agenda. The outcome of Congressional debate As bills move through Congress, watch in the last months of 2009 may impact the closely as they are amended in committee roles and responsibilities of employers — they could impact you and your and employees for a long time to come. company. As the proposed legislation While healthcare has dominated the becomes more definitive, employers legislative landscape, it won’t be will be required to take the steps to the only issue on the Congressional insure workplace compliance and horizon. The Employee Free smart organizations should Choice Act has also been front be thinking about preparing and center with much debate for these outcomes before over the role of unions they are mandated. in today’s workplace. Look at the legislative schedule to be sure you are familiar with all the upcoming issues. Among other things, upcoming legislation could impose stricter e-verify policies for new employees, new “pay-for-performance” rules, and substantial amendments to the Worker Adjustment and Retraining Notification Act. 2010 Job market perspectives 10
  • 11. Where we’ve been: Workforce demographics are changing. USA Today reported in early September that women are on the verge of outnumbering men in the workforce for the first time, a historic reversal caused by long-term changes in women’s career patterns and massive job losses for men during the current recession. Since June 2009, men have lost 74 percent transfer to growing industries such of the 6.4 million jobs eliminated since the as technology, medicine, and education. recession began in December 2007. Some Businesses should continue to strive to have speculated that fewer women have recognize and encourage the talents of all lost their jobs during the downturn as a employees. Companies cannot ignore the result of inequality in pay. If this speculation needs of an evolving workforce and remain is correct, a workforce dominated by women a competitive employer of choice. Employers may overturn the status quo. of choice will have programs in place that For the most part, job losses have been are designed to attract and retain the best particularly severe for men in this recession people for the job, regardless of gender. because the industries that have been As the workplace becomes more diverse, hardest hit are historically dominated by being an employer of choice will require male workers — construction, manufacturing, developing a workforce that celebrates and financial services. Regardless, whether the diversity of talent and accommodates you are a man or woman in a contracting a multitude of lifestyle and cultural needs. industry, you should consider how your skills 2010 Job market perspectives 11
  • 12. Where we’ve been: A new mindset for American workers. The most serious threat to managers satisfied with their company’s contribution in this recession may be the talent flight to their retirement plans. Additionally, 78 that is anticipated at the first sign of true percent of American workers are not satisfied recovery. Every company’s greatest asset with their company’s overall retention efforts is its human capital, and an Adecco Group and 76 percent are not satisfied about survey conducted in mid-2009 indicated future career growth opportunities at their that most employers will see an unprece- company. dented exodus of talent when the job Almost half (48%) of workers are not satisfied market rebounds. with the relationship they have with their At Adecco Group, we are now seeing a boss and the majority (59%) of workers are shift in perspective for many of the 500,000 not satisfied with the level of support they workers we interact with in North America receive from their colleagues. Further, the who are moving further from a mindset of majority of workers (77%) are not satisfied “I’m just happy to have a job.” Our research with the strategy and vision of the found that more than half (54%) of employed company and its leadership. Americans report that they are likely to look So, sentiment is changing for new jobs once the economy turns around. and not necessarily going Further, the youngest employees (who bring in the right direction. a lot of new ideas and skills to the table) While workers may have are knocking on your competitors’ doors. been satisfied with their Seventy-one percent of those between 18 employment situation and 29 years old are likely to look for new in 2009, as the economy jobs once the upturn begins. improves, their satisfaction Why are workers looking to jump ship? level may quickly Signs point to several key drivers of job change along with it. satisfaction, including compensation and management. An Adecco Group survey conducted in September of 2009 showed that two-thirds (66%) of American workers are not currently satisfied with their compen- sation and 68 percent of workers are not 2010 Job market perspectives 12
  • 13. Where the jobs are: Healthcare Unemployment Number 2008-09 change Regions in rate of American in workforce high demand workers 6.1% + 418,000 All (education and 16 million workers health services) Current Projected 2016 Projected Job employment employment need growth in millions in millions in millions 1 Registered nurse 2.5 3.01 1.0 23% 2 Home health aide 0.787 1.17 0.454 27% 3 Medical assistant 0.417 0.565 0.199 27% 4 Pharmacy tech 0.285 0.376 0.178 27% 5 Medical secretary 0.112 0.133 0.013 9-17% 6 Dental assistant 0.280 0.362 0.130 27% 7 Healthcare administrator 0.262 0.305 0.092 9-17% 8 Medical records & health information technician 0.170 0.200 0.076 18-26% 9 Physical therapist 0.173 0.220 0.068 27% 10 EMT & paramedic 0.201 0.240 0.062 18-26% Situation overview. Areas in demand. Now that healthcare reform is law, we We’ll have to wait and see how the health- should keep an eye on how increased care reform bill will impact the job market. access to medical benefits will likely worsen What we know now is that healthcare is the talent shortage in this sector. If the among the strongest, if not the strongest, current shortages in specialized medical American industry. The healthcare field fields worsen, expect government incentives remains an industry of promise for job to motivate workers to retrain for these seekers in the future and those looking fields. The BLS is predicting shortages in a to retrain and transfer their skills for work variety of fields including registered nurses, in growing fields. pharmacists, and paramedics. As the Sources: BLS, New York Times healthcare job market heats up, medical Stats as of September 2009 professionals will gain even more leverage with prospective employers, making the industry more lucrative. 2010 Job market perspectives 13
  • 14. Where the jobs are: Finance & accounting Unemployment Number 2008-09 change Hottest areas rate of American in workforce workers NY, TX, 7% -169,000 CA, IL 800,000 workers Hottest jobs: Situation overview. Accounts receivable/collections, While the financial crises of the past two financial analysts, regulatory accountants years have negatively impacted many finance professionals, one occupation that has not felt the same sort of pain is How do you feel about your job security today, accounting and corporate finance. Through compared to a year ago? everything that’s happened in our economy, a few financial functions have increased I feel my job security is about the same 60% in importance. These include risk manage- I feel my job is somewhat less secure 18% ment, auditing, financial analysis, budgeting, I feel my job is somewhat more secure 11% collections and regulatory accounting — I feel my job is much less secure 7% all of which are accounting and corporate finance skill areas. I feel my job is much more secure 4% Source: 2009 Ajilon Finance/CFO Research Areas in demand. The increased need for this kind of finance talent is due to the continuously changing leaving a huge skill gap and high demand regulatory environment. While many com- for talent in the coming years and putting panies have been able to overcome the increased pressure on employers to deploy SOX hump, new compliance and regulatory just the right recruitment and retention standards coming in the form of XBRL and strategies to be successful. These dynamics IFRS will require the right people to imple- make it clear that accounting is and will ment these new systems and ensure they continue to be one true bright spot within are integrated successfully. Beyond this, the financial job market. the AICPA projects that three-quarters of the field will reach retirement age by 2020, Sources: Ajilon Finance 2009 Salary Guide, CFO Research, AICPA Stats as of September 2009 2010 Job market perspectives 14
  • 15. Where the jobs are: Information technology Unemployment Number 2008-09 change Regions in rate of American in workforce high demand workers 1.0% -169,000 Pacific 2.5 million workers Northwest Situation overview. Top desired skills for tech workers. Compared to 2008, at the end of Q309, • Entry-level employees there were 60,000 less IT jobs in the U.S., – Problem solving reflecting short-term cost-cutting by employers – Ethics & tolerance and the reduction in the IT investment that – Communication (oral & written) typically made businesses run more smoothly. – Collaboration; teams Regardless of what happens during this – Business analysis recession, an effective IT strategy continues – Functional area knowledge to be closely tied to business success and • Mid-level hires innovation, and this job sector will inevitably – Ethics & tolerance rebound. As companies focus on surviving – Problem solving the upturn, the IT industry’s highly skilled – Communication (oral & written) and specialized workers will be in demand. – Collaboration; teams – Project leadership Areas in demand. – Decision making The IT space represents a home for a limited group of highly specialized individuals, which helps to keep the demand for these Sources: BLS, Society for Information Management Stats as of September 2009 professionals high at all times. We foresee this demand continuing in the near term, especially for computer and information systems managers as well as application developers, who will especially be needed to help companies navigate the next techno- logical evolution and wave of development. 2010 Job market perspectives 15
  • 16. Where the jobs are: Legal Number 2008-09 change Regions in of American in workforce high demand workers -34,200 Northeast, 1.2 million workers West Law Shucks BigLaw layoffs by week, 2009. Situation overview. 1,600 1,477 As a whole, the legal profession has suffered 1,400 1,302 greatly from the recession. The freezing of 1,200 the credit markets has put a halt to a lot of 1,000 928 the merger, acquisition and investment deals 858 800 753 that kept many firms busy in recent years. 799 600 526 Further, real estate lawyers, particular those 550 353 391 400 352 focused on residential real estate have also 369 301 219 305 been hit particularly hard. 200 229 148 176 141 132 158 148 121 157 79 102 71 54 5 0 49 35 0 Areas in demand. Jan Feb Mar Apr May Jun Jul Aug In times of trouble, opportunity can abound. Source: Lawshucks.com Sections of the legal profession such as commercial litigation and bankruptcy law have been booming as a result of the current economic turmoil. Lawyers with expertise that were traditionally handled by lawyers. in these areas are largely sought after This results in increasing demand for highly and will continue to be in the near future. qualified paralegal and legal assistants. Additionally, healthcare and environmental In addition, legal professionals who are law are still particularly strong areas of currently employed can expect to stay the profession as litigation and casework employed for the time being. Layoffs and in these segments continues to grow. cost-cutting at firms has almost grinded As law firms and in-house legal teams look to a halt. As stability sets in, expect many to manage their costs closely, opportunities employed legal professionals to explore are created for paralegals and legal assis- the job market. tants who can take on some responsibilities Sources: Lawshucks.com Stats as of September 2009 2010 Job market perspectives 16
  • 17. Where the jobs are: Engineering Number 2008-09 change Regions in of American in workforce high demand workers -60,000 Midwest, 1.4 million workers South Situation overview. Areas in demand. Engineering talent can be hard to find, According to NACE and the Bureau of and these professionals will continue to be Labor Statistics, the engineering specialties in high demand. As the federal government in highest demand (and also the highest injected funding into research and technol- paying) include: ogy, it created job openings requiring highly • Petroleum engineering specialized talent. In fact, many experts $83,121 average starting salary offer agree that it may take the U.S. workforce a number of years to gain sufficient • Chemical engineering training for these roles, which could lead $64,902 average starting salary offer to outsourcing. • Mining engineering Despite this high demand, attracting people $64,404 average starting salary offer to the profession has been a challenge. Masters degree enrollments in engineering, • Computer engineering after peaking at 91,000 in 2003, declined $61,738 average starting salary offer to 83,000 over the course of the decade, • Computer science while PhD enrollments have leveled off at $61,407 average starting salary offer 57,000. However, enrollment numbers only tell a partial story: the ratio of enrollment rates versus graduation rates paints an Sources: NACE, BLS even bleaker picture, with only 55 percent Stats as of September 2009 of those enrolled in undergraduate engineering programs completing their degrees. 2010 Job market perspectives 17
  • 18. Where the jobs are: Manufacturing Unemployment Number 2008-09 change Regions in rate of American in workforce high demand workers 12.4% -1,600,000 Midwest, 11 million workers South Situation overview. Areas in demand. Manufacturing has been one of the hardest One potential sign of life for the industry hit sectors during the recent economic could come in the form of “green manufac- turmoil. While the majority of the job losses turing.” These jobs failed to materialize at were concentrated in housing and auto the rate originally hoped for, in fact, many manufacturing related areas, the industry Americans believed they would materialize continues to be a dominant portion of our in time to save employees displaced by the workforce. In fact, standing alone, U.S. auto industry. However, a great potential manufacturing would be the eighth largest for this industry remains unfulfilled. For economy in the world. Hardest hit areas example, according to a report by the of the industry continue to be those most Energy Department, the United States could directly related to the construction industry make wind energy the source of one-fifth as well as automobile manufacturing. of our electricity by 2030, up from about Chrysler and GM announced bankruptcies 2 percent today. This sort of revolutionary that resulted in massive layoffs and buy- shift would require nearly $500 billion outs, which are likely to continue in 2010 in new construction and could potentially and slow when consumer confidence add more than three million jobs, meaning gains strength. renewed opportunity for growth for the manufacturing industry. Until these jobs materialize, the outlook for the manufac- turing industry remains bleak. Sources: New York Times, BLS, NAM Stats as of September 2009 2010 Job market perspectives 18
  • 19. Where the jobs are: By region Northeast Midwest Hub industries include: Hub industries include: Professional/financial services, Manufacturing, construction, education, medical and science technology. research, healthcare and technology. • The Midwest — the hub of the U.S. • Much of the stability in this region manufacturing industry — has endured is due to the high concentration of the majority of the negative impact service-providing, highly skilled labor from the downturn in this sector; opportunities. however, there is still demand for business and professional services as • Industries such as professional services, well as skilled manufacturing workers. education and healthcare all have large hubs in the Northeast and, • Government incentives have helped as these industries continue to grow, to grow jobs in some of those hardest job opportunities will be strong. hit sectors. One good example is tax incentives provided to production • The financial services sector has been companies who have increased TV one of the hardest hit portions of the and film production in the Midwest over economy, inside and outside of the the past year — bringing much needed mortgage space; however, growth jobs to the area. in accounting jobs has helped sustain employment. • The heart of the American auto industry is located in the Midwest and has • As Wall Street remains in flux due to suffered monumental job cuts and the meltdown of the financial sector, remains in a state of contraction and jobs in the Northeast stand to benefit transition. most from the colossal bailout; however, it will take time for the economy and • On April 30, 2009, Chrysler announced job market to begin to feel the benefits bankruptcy plans, shortly followed and recover from the credit freeze. by General Motors on June 1, 2009. The closure of auto plants in the Midwest Sources: BLS, MetroWest Economic Research Center, caused the region to suffer the highest New York Times, New Jersey Department of Labor and Workforce Development, Associated Press unemployment rates in the country during 2009. Sources: BLS, Associated Press 2010 Job market perspectives 19
  • 20. Where the jobs are: By region West South Hub industries include: Hub industries include: IT, engineering, finance/accounting. Engineering, healthcare, construction, technology, professional services. • The West has seen the largest year- over-year unemployment increase as • Population declines and migration to compared to the other regions, rising more lucrative areas, as well as farming by 1.8 percent from September 2007 and manufacturing declines have saddled to September 2008. the southern economy since the end of the 20th century. • The financial and housing crises have had a big impact on California’s job • The South has been one of the most market as the state unemployment rate stable regions, with unemployment rose to its highest level in 12 years in remaining below the national average 2008 largely due to a halt in construction throughout 2009. activity, falling home prices, and • More than any other region, the South a decrease in consumer spending. benefits from a hybrid economy with • California's Silicon Valley area has held a good mix of goods- and service- its own despite the turmoil in the rest of producing jobs that have allowed the the state. California is home to the highest region to maintain stability through the number of tech workers in the country. current economic turmoil. • Las Vegas continues to see job growth in • While major cities in every state in the the hospitality jobs category but construc- south have experienced higher year- tion has slowed, hindering the economic over-year job loss than their respective acceleration seen in recent years. state’s average, Atlanta bucks the trend. Atlanta’s pace of job loss was significantly • Washington has enjoyed job growth in slower than the state of Georgia’s partly the education, healthcare and publishing due to an influx of construction jobs as sectors. According to the state’s chief home values in the city begin to rise again. economist, the “economy is substantially better than it was during the 2001 Sources: BLS, Associated Press, Miami Herald, recession, when Washington’s employ- Dallas Morning News, Wall Street Journal ment level declined for 20 consecutive months.” Sources: BLS, California EDD, Los Angeles Times, the Las Vegas Review-Journal, Washington Employee Security Department 2010 Job market perspectives 20
  • 21. Unemployment rates by state. Seasonally adjusted, August 2009 ( U.S. rate = 9.7% ) New England West North Central East North Mountain Central Middle Atlantic D.C. Pacific South Atlantic East South Central West South Central 12.0% or higher 10.0% to 11.9% 8.0% to 9.9% Note: The ranges used to depict data in this chart were updated beginning with July 2009 data to reflect current economic conditions. 6.0% to 7.9% 5.9% or lower 2010 Job market perspectives 21
  • 22. A time of hesitant confidence. 2009 will be remembered as a time of great change in America, a time that changed our perception of how the economy works and where we, as American workers, fit into that cycle. Although we are far from a full upturn, 2010 is likely to be a time of hesitant confidence. From employee to employer, citizen to politician, and consumer to business owner, economic recovery will depend on the resilience of the American workforce. If history is any indication of our success in that area, we’re headed in the right direction. “Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.” Ben Bernanke, Chairman of the Federal Reserve 2010 Job market perspectives 22
  • 23. About the Adecco Group The Adecco Group, based in Zurich, Switzerland, is the world’s leading provider of HR solutions. With over 29,000 full-time employees and more than 5,800 offices, in over 60 countries and territories around the world, Adecco Group offers a wide variety of services, connecting more than 500,000 colleagues with over 100,000 clients every day. The services offered fall into the broad categories of temporary staffing, permanent placement, outsourcing, consulting and outplacement. The Adecco Group is a Fortune Global 500 company. Adecco S.A. is registered in Switzerland (ISIN: CH0012138605) with listings on the SIX Swiss Exchange (ADEN) and on Euronext in France ADE). Adecco Group North America Every day, we provide our clients with the talent they need and help solve the business challenges they face today — and will encounter tomorrow. Our clients rely on us for a wide range of workforce solutions including: • Contingent staffing and direct hire recruitment for large enterprise organizations across all skill sets • Workforce solutions and consulting including Managed Services Programs (MSP) and Recruitment Process Outsourcing (RPO) • Career transition and leadership consulting • Specialty staffing, project solutions and consulting services Additional information is available on our website adeccousa.com. 877.8.adecco adeccousa.com ©2010 Adecco