Adecco Job Market Perspective 2009


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Adecco Job Market Perspective 2009

  1. 1. 2009 Job market perspectives An in-depth look at the current and future state of our labor market.
  2. 2. What a difference a year makes. As we neared the end of 2007, warning signs were beginning to emerge of an economic slowdown. In 2008, these signs accelerated and transformed into a state of volatility and uncertainty for the U.S. and global economies. Many events contributed to make this a reality. 2009 Job Market Perspectives 2
  3. 3. The housing and credit crises bringing long-debated issues continued to mobilize. Gas prices like healthcare, immigration and soared as the cost of oil peaked education reform back into the in the summer at around $140 a national dialogue. barrel. The banking industry was These monumental economic taken by storm as many reputable, and political developments did not storied banks went bankrupt, happen in isolation. In fact, they merged or required rescuing. impacted all of us in our everyday The U.S. government approved roles as consumers, homeowners, an historic $700 billion economic voters, tax payers, and particularly bailout. A hard-fought presidential as workers. election dominated headlines, In our 2009 Job Market Perspectives report, we explore the current and future state of our labor market, piecing together where our present reality falls on both global and historic scales. We will look beyond the numbers to provide a holistic analysis of the national jobs situation and outline where we’re currently seeing job opportunities both by industry and region. 2009 Job Market Perspectives 3
  4. 4. The economics: The job market switches gears. 2008 began with an This trend would only continue for the rest of the year, with unemployment rising from immediate about-face just under 5 percent to around the 7 percent for the U.S. labor market. mark combined with over 2 million total job losses for the year. Following a year where over a million While these bottom-line numbers represent jobs were added to our economy, January the sum total of what’s happening nationally, 2008 marked the first month since the it’s important to dig deeper and look at how 2001 recession ended in which the Labor this picture changes vastly by region and Department reported declines to payrolls. by industry, as well as how our job market compares to those in other countries. From 2006-2008, unemployment rose from just under 5 percent to around 7 percent. 2009 Job Market Perspectives 4
  5. 5. The economics: Looking beyond our borders. According to the Organization for Economic borders are less defined than ever. The Co-operation and Development (OECD) the economic slowdown is not only impacting average global unemployment rate reached the U.S., but is being felt globally, with the 6 percent by the third quarter, tying closely U.S. job market right in the center of it all. to the U.S. average for the same time period at 6.1 percent. While our rate is weaker Global unemployment rates as of August-November 2008 than some of our European neighbors like the UK and Italy, the U.S. continues to be China (as of June) 4.0% positioned closely to other leading economies, Japan 4.2% even favorably as compared to Germany Russia 5.3% and France. UK 5.7% Italy 6.0% While unemployment varies widely around Canada 6.1% the world — Norway’s unemployment is less U.S. 6.7% than 3 percent while South Africa is over Germany 7.2% 20 percent — it is safe to say that the world continues to become more connected and Brazil 7.6% France 8.0% South Africa 23.2% 2009 Job Market Perspectives 5
  6. 6. The economics: Looking backward and forward to put today in perspective. While we are certainly living in historic times, workers are expected to enter the workforce just how historic are the current conditions during the same period. This means that, from a job market standpoint? Feelings of by 2015, the U.S. will face a shortage of more uneasiness and concern certainly intensify than 10 million workers. Despite the economic when the unemployment rate rises beyond conditions, from a pure demographics and the 6 percent mark, but, over the last 50 population perspective, demand for workers years, national unemployment has fluctu- will be on the rise, creating opportunities ated between a low of 4 percent and a high in the coming years. of 10 percent. So, while this is the highest unemployment rate we’ve seen in quite some time, it is still substantially lower than the Change in nonfarm payrolls in thousands 9 percent experienced during the mid-1970s. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Additionally, when you look at the long-term 08 08 08 08 08 08 08 08 08 08 08 08 view, there is more positive news for us to -8 consider. Data from the U.S. Department -39 -47 -67 -67 -82 -100 of Labor’s Bureau of Labor Statistics (BLS) -127 that tracks expected job openings versus working population indicates that, in the -320 coming years, 70 million Baby Boomers will -403 reach retirement age while only 40 million Source: Bureau of Labor Statistics -533 -524 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 2009 Job Market Perspectives 6
  7. 7. The economics: Where we’ve been. Election season. halt auto sales and keep highways and roads across the country less 2008 marked one of the most crowded than in previous years. momentous and closely followed In fact, while gas prices tied for presidential elections in American third on a list of worries presented history. From the news media to to American workers in 2007, it took office water coolers around the the top spot in 2008, according to country, people were passionate our 2008 Workplace Insights survey and highly engaged around the conducted in September 2008 when issues and the varying stances gas prices were at an all time high. presented by each candidate. In fact, 50 percent of American Credit crisis. workers admitted to talking about politics at work according to our The credit crunch, which took form 2008 Workplace Insights series in 2007, boomed right into 2008 survey. On November 4, the country making it more challenging for elected Barack Obama as its first consumers to get mortgages, African-American president while leases and loans. Businesses Congress moved to a democratic also had to meet more stringent majority, emphasizing a general standards to secure lines of credit shift in alignment and focus for the and access liquidity, making both American public. With continued business maintenance and expan- rising unemployment and job sion projects more challenging losses, American workers will to pursue and execute. The credit now be focused on seeing how crisis presented particular challenges the new administration can bring for the credit intermediation sector growth back to the economy of the economy, which lost thousands and job market. of jobs in 2008 as credit vehicles like mortgages, loans and leases Pumped-up were harder to come by and solicit. gas prices. Passing the bailout. The price of oil was volatile In early October 2008, following throughout the year and many weeks of extensive debate and were alarmed and concerned negotiation, Congress passed into when the average price of a gallon law a $700 billion economic bailout of gas rose beyond $4 in the middle plan meant to rescue and stimulate of the summer. Prices sharply growth for the U.S. job market and declined later in the year, but these economy. While leaders on Capitol temporary highs were enough to 2009 Job Market Perspectives 7
  8. 8. Hill were able to agree on the need As of December 2008, the industry for a bailout, how to spend it is an lost almost 150,000 jobs for the entirely different issue. Many are year, showcasing the direct impact divided on which institutions and of the turmoil on the workforce of industries should reap the benefits these institutions. of this historic rescue package. From a workforce perspective, Auto manufacturing the bailout could potentially mean struggles. much needed relief for those workers in troubled sectors whose employers Following the release of third quarter need an infusion of cash to help earnings, the financial woes facing bring stability back to their business. the country’s auto manufacturers were showcased in a new light, Financial raising red flags around the indus- try’s ability to maintain itself and services turmoil. bringing the big three auto manu- The banking industry experienced facturers to Capitol Hill in search one of the most challenging years of government endorsed financial in its history. The subprime mort- relief. Earnings reports revealed just gage meltdown, credit crunch and how much the economic slowdown continued market meltdown caused and credit crisis have impacted major financial institutions to file American consumers’ resources to for bankruptcy, merge or require buy cars, hindering manufacturers’ federal assistance. In September access to capital and ability to churn alone, we witnessed the combina- profits — yielding over 160,000 job tion of institutions like JPMorgan losses in this sector from December Chase and Washington Mutual, 2007 to 2008. Wells Fargo and Wachovia, and Bank of America and Merrill Lynch. 2009 Job Market Perspectives 8
  9. 9. The economics: Where we’re going. Monitoring change. (PERI) and the Center for American Progress, which encourages the Much of 2008’s election season government to invest some $100 revolved around the idea of billion in “green” jobs, the country “change.” In 2009, people will could stand to add some 2 million be watching closely to measure new positions to our economy the effectiveness of the new in the coming years as a result presidential administration and of this initiative. Congress. These new leaders will be highly scrutinized for their GDP growth. ability to effectively navigate the country through the current turmoil Third quarter 2008 marked the first and volatility, quickly needing quarter in which we experienced to prove their ability to match GDP contraction which also campaign promises, improve the continued into the fourth quarter. economy and bring job creation In addition to the National Bureau back to America. of Economic Research officially declaring that the U.S. has been in “Green Collar” jobs. a recession since December 2007, we are now in a formal recession The worldwide attention paid which hinges on two consecutive to global warming has spurred quarters of contraction. A major interest in the burgeoning field initiative in 2009 will be to stimulate of “green collar” jobs. A fairly new production in the country in order segment of the workforce, these to reverse these negative results jobs, which support more environ- and bring growth back to the mentally conscious behaviors and American economy as swiftly as practices — wind energy, alternative possible. Job creation and GDP fuels, hybrid car manufacturing, growth typically go hand in hand, etc. — are expected to grow much so it will be important to watch how faster than the national average. both indicators shift and impact Businesses of all kinds are creating one another in 2009. positions to address sustainability issues as a result of legal require- Healthcare reform. ments and public interest. Further, the government plans to continue While the 2008 election season to support green job growth in saw a wide range of issues debated 2009. According to a recent study and scrutinized, one of the most by the University of Massachusetts’s important was healthcare reform. Political Economy Research Institute 2009 Job Market Perspectives 9
  10. 10. With over 17 million Americans Regulatory shifts. claiming no health insurance, the While the early part of the decade need to deliver some sort of plan was rocked by regulatory reforms for reforms is high. 2009 will be coming in the form of SOX, there an important year to see how the are new acronyms entering the new administration plans to enact corporate lexicon — XBRL (data an overhaul of the current system. tagging of financial statements) While the healthcare industry and IFRS (international reporting continues to stem major job growth, standards) — which will create it will be important to sustain this challenges for today’s finance momentum to help compensate for professionals. In recent surveys other declining industries through- with the Institute of Management out 2009. Accountants (IMA) the majority of finance professionals feel that Consumer spending. their organizations are not prepared for implementation of either initiative. Throughout 2008, consumer This will create a challenge for spending continued to weaken, companies and their finance teams making it an especially challenging to maintain business as usual and holiday shopping season for focus on meeting the current high retailers. In 2009, legislators will demand for their financial analysis be looking for ways to increase skills while, at the same time, cash flow to Americans in order realigning their operations to to stimulate spending and enable adapt to these major industry shifts. a new flow of cash to filter into the On the other hand, it also increases economy. It will be key to see how demand for finance talent to help legislation forms and where the manage and implement these bailout hits Main Street in order processes — a great opportunity to encourage this process. Without for these highly skilled professionals. the increase in consumer spending, it will be challenging for the retail job sector to begin adding more jobs to their payrolls and turn around the downward trend seen in late 2008. 2009 Job Market Perspectives 10
  11. 11. Where the jobs are: by occupational sector. While sectors like manufacturing, construction, financial services and retail have been hit hard recently, it’s still difficult to make generalizations about the job market — especially when we still see a strong demand for professionals with higher levels of education and training in sectors like accounting, IT, engineering and healthcare. Here’s our analysis of some of the major sectors of the U.S. job market. 2009 Job Market Perspectives 11
  12. 12. Where the jobs are: Healthcare Situation overview. One important dynamic is the increased pressure for healthcare The healthcare industry continues institutions — from hospitals to to be the strongest sector in the U.S. doctor’s offices to health insurance job market. Having added over 2 companies — to better integrate million jobs since 2001, the healthcare technology into their operations. industry makes up 9.5 percent of Projects such as the computerization the entire workforce, up sizably from of medical records, automated billing, 8.3 percent in 2000. Throughout and enhanced prescription tracking 2008, the industry continued to add are all heightening the need for talent thousands of new jobs each month in the industry. despite the broader labor market turmoil — and this is one trend we Continued research and development don’t see ending any time soon. is also a contributor. As the U.S. seeks to defend its title as home to the most advanced medical techniques Areas in demand. and technologies, sizable investment The Baby Boomer generation is aging in this space will continue. and is helping to keep healthcare growing. This generation accounts Sources: BLS, New York Times for nearly 30 percent of the entire U.S. population and, in the coming years, will be utilizing the healthcare system at an especially high rate. Healthcare providers need to prepare for this influx of patients. Staffing up now is in the right strategic direction for administrators and will yield the need across all layers of the industry — from nurses to billers to adminis- trators to doctors. 2009 Job Market Perspectives 12
  13. 13. Where the jobs are: Finance and accounting Unemployment rate: 4.9% (financial activities) # of American workers: 977,400 2007-2008 change in workforce: +6,000 workers Regions in high demand: Northeast, West Situation overview. Areas in demand. How do you feel about While the financial crises of 2008 Contributing to the need for this set your job security today, negatively impacted many finance of finance talent is the continuously compared to a year ago? professionals, one portion of the changing regulatory environment. industry that has not felt the same sort While many companies have been of pain is the accounting profession. able to get over the SOX hump, new I feel my job is much more secure 4% Through everything that’s happened compliance and regulatory standards in our economy, a few financial coming in the form of XBRL and IFRS functions have actually increased will require the right people to imple- I feel my job is much less secure 7% in importance. These include: risk ment these new systems and ensure management, auditing, financial they are integrated successfully. I feel my job is analysis, budgeting, collections and Beyond this, the AICPA projects that somewhat more secure 11% cost management — all of which are three-quarters of the field will reach accounting and corporate finance retirement age by 2020, leaving a I feel my job is skill areas. huge skill gap and high demand for somewhat less secure 18% talent in the coming years — putting Case in point: in a 2008 survey of increased pressure on employers to 400 CFOs which we commissioned I feel my job security deploy just the right recruitment and in conjunction with CFO Research is about the same 60% retention strategies to be successful. Services, the majority of those polled These dynamics make it clear that (60 percent) felt their job security was Sources: 2008 survey by Ajilon Finance/CFO Research/AICPA accounting is and will continue at the same level as it was in 2007. to be one true bright spot within Why the confidence? Accounting the financial job market. talent continues to be in high demand and, according to the Bureau of Labor Sources: BLS, New York Times Statistics, accounting will be among the fastest growing professions — forecasted to grow 18 percent by 2016. 2009 Job Market Perspectives 13
  14. 14. Where the jobs are: Information technology Unemployment rate: 5.0% # of American workers: 9 million 2007-2008 change in workforce: +14,000 workers Regions in high demand: West, South Situation overview. maintaining the appropriate levels Top desired skills of security to match the growth in a More and more, technological company’s IT infrastructure. So much for tech workers advancement is becoming synony- of today’s business is conducted mous with business advancement. over the Internet and on computer As an effective IT strategy continues Entry-level employees networks that maintaining the to be closely tied to business success • Problem solving appropriate security levels is crucial. and innovation, the importance • Ethics and tolerance Viruses, hackers and other attacks of this job sector continues to grow • Communication (oral and written) have only become more advanced accordingly. • Collaboration/teamwork and will require superior IT talent to • Business analysis Compared to 2007, at the end of help combat these threats and build • Functional area knowledge Q308 there were 60,000 more IT a more sound technical environment. jobs in the U.S. reflecting the strong The IT space represents a home for Mid-level employees demand for these highly skilled a limited group of highly specialized • Ethics and tolerance workers. Despite everything that’s individuals, which helps to keep • Problem solving happening externally, companies the demand for these professionals • Communication (oral and written) cannot afford to stop investing in IT. high at all times. We foresee this • Collaboration/teamwork demand continuing in the near • Project leadership Areas in demand. term, especially for computer and • Decision-making Whether through the development information systems managers, SOURCES: BLS, Society for Information Management of complex computer networks, and application developers, who enabling wireless Internet access will especially be needed to help for all employees, or advancing companies navigate the next the company’s external website technological evolution and wave or intranet, the span of IT projects of development. continues to widen. A key focus now and in the future will also be Sources: BLS, Society for Information Management 2009 Job Market Perspectives 14
  15. 15. Where the jobs are: Legal # of American workers: 1.2 million 2007-2008 change in workforce: -16,000 workers Regions in high demand: Northeast, West Situation overview. As law firms and in-house legal teams look to manage their costs closely, As a whole, the legal profession has Sections of the legal this also creates great opportunities had a challenging year. The freezing profession, such as for paralegals and legal assistants. of the credit markets has halted a lot Major law firms are offering first-year of the deals that kept many firms busy commercial litigation associates right out of law school in recent years. Further, real estate $160,000 starting salaries on average. and bankruptcy law, lawyers with a high concentration As a result of this high asking price, in practicing law around residential have been booming many legal teams are shifting respon- real estate have also been hit sibilities and changing their staffing as a result of the particularly hard. models. This means that paralegals current economic and legal assistants are regularly being Areas in demand. asked to take on some responsibilities turmoil. In times of trouble, opportunity often that were traditionally handled by arises. Sections of the legal profes- lawyers, thus increasing the demand sion, such as commercial litigation for highly qualified talent at the and bankruptcy law, have been paralegal and legal assistant levels. booming as a result of the current Further, eDiscovery has recently economic turmoil. Lawyers with these had a major impact on the industry. sorts of skills are largely sought after As the dynamics of document review right now and will continue to be in continue to shift and evolve, this the near future. Additionally, health- creates employment opportunities care and environmental law continue for legal professionals who have to be particularly strong as litigation the right educational accreditations and casework in these segments and specialize in this process. continues to grow. Sources: The Wall Street Journal, BLS 2009 Job Market Perspectives 15
  16. 16. Where the jobs are: Engineering Situation overview. Areas in demand. While engineering talent can be According to NACE and the Bureau hard to find, these professionals of Labor Statistics, those in highest continue to be highly pursued. In fact, demand include: the National Association of Colleges Civil engineers and Employers (NACE) found that Median annual salary: $68,600 engineering majors were at the very Projected job growth: 18 percent top of the list of the most sought after graduates from the class of 2008. Chemical engineers Median annual salary: $78,860 Despite this high demand, attracting Projected job growth: 8 percent people to the profession has been a challenge. Masters degree Electrical engineers enrollments in engineering, after Median annual salary: $75,930 peaking at 91,000 in 2003, have Projected job growth: 6 percent declined to 83,000 in 2006, while PhD enrollments have leveled Mechanical engineers off at 57,000. However, enrollment Median annual salary: $69,850 # of American workers: numbers only tell a partial story: Projected job growth: 4 percent 1.5 million the ratio of enrollment rates versus Companies need the highly graduation rates paint an even 2007-2008 change specialized niche skills that engineers grimmer picture with only 55 percent in workforce: bring to the table to stay innovative of those enrolled in undergraduate +6,000 workers and bring their customers the most engineering programs completing cutting edge products and services. Regions in high demand: their degrees. Furthermore, 40 percent This thirst for innovation and efficiency Midwest, South of master’s recipients in the U.S. will not subside any time in the near are foreign nationals. future, creating great opportunities for those currently in or interested in entering this high-demand profession. Sources: NACE, BLS 2009 Job Market Perspectives 16
  17. 17. Where the jobs are: Manufacturing Areas in demand. One portion of the industry helping to inspire some growth is exports. According to the National Association of Manufacturers, exports have accounted for nearly half of the U.S. economy’s growth from 2007-2008. Factors such as a weak dollar and rapid industrial growth in areas outside of the U.S. like Asia, Eastern Europe and the Middle East, have brought increased demand for U.S. products. As this continues, we could see this growth helping to offset some of the domestic losses from a decline in home and auto purchasing. Another positive sign of life for the industry could come in the form of “green manufacturing.” As jobs related Situation overview. to the global green movement are Producing new jobs continues to and will continue to be on the rise for be a challenge for the manufacturing the foreseeable future, manufacturing industry. From December 2007 to is one of the key industries set to December 2008, the industry lost feel a positive impact. For example, almost 800,000 jobs. While the according to a recent report by the majority of the job losses were Energy Department, the United States concentrated in housing and auto could make wind energy the source manufacturing related areas, the of one-fifth of our electricity by 2030, industry continues to be a dominant up from about 2 percent today. This portion of our workforce. In fact, sort of revolutionary shift would require standing alone, U.S. manufacturing nearly $500 billion in new construction would be the eighth largest economy and could potentially add more than in the world. three million jobs, meaning renewed opportunity and growth for the manufacturing industry. Sources: New York Times, BLS, NAM 2009 Job Market Perspectives 17
  18. 18. Where the jobs are: by region. Just as a diversified investment portfolio is more likely to weather an economic downturn, regions with hybrid economies are also performing better in the current climate. Most of the regions that are suffering are feeling the impact of a decline in goods-producing sectors. On the other hand, the more stable regions rely less on a single sector and more on a number of stronger industries like healthcare, education, IT and professional services. Let’s take a closer look at all of these regions. 2009 Job Market Perspectives 18
  19. 19. Where the jobs are: by region Northeast Midwest Best jobs: Education, Healthcare, Best jobs: Engineering, Construction Finance/Accounting, IT • 2008 was challenging for the Midwest • Throughout most of 2008, the Northeast as the region frequently reported the was the region with the lowest or highest unemployment rate in the country, close to lowest unemployment rate, coming in above 6.5 percent in the staying below the national average second half of the year. the entire year. • For the past two years, Michigan was • The economy in the Northeast is largely often the state with highest unemploy- professional services oriented with ment rate, coming in at 10.6 percent a heavy emphasis on service- versus in December 2008 largely due to job goods-producing industries. losses in the manufacturing sector. • Turmoil in the financial services industry • Kansas’ Labor Secretary noted that, has not only impacted New York city, from 2004 to 2014, the overall workforce but also the surrounding tri-state area is expected to expand by 12.3 percent which lost over 50,000 jobs in 2008. in the state. He also reported several new policies were working to keep • Massachusetts had one of the lowest more Kansans employed and helping unemployment rates in the region largely business expand — the state’s reduction due to the high number of educated in the unemployment insurance tax paid workers — 52 percent of workers in by employers meant that businesses Massachusetts have a college degree were able to keep $78 million of their versus the national average of 24 percent. revenues in 2007, a figure that should • Over the first three quarters of 2008, grow to $90 million for 2008. New Jersey saw only about 21,000 jobs • Illinois’ unemployment rate hovered disappear out of a total workforce of over around 7 percent for most of the year. 4 million people, allowing unemployment According to the state’s Security Director, to remain below the national average. Maureen O’Donnell, the state is using • Despite weakness in construction programs like the Illinois Works Jobs nationally, construction jobs have Plan to create jobs in some of the hardest remained stable in Pennsylvania — hit sectors, including construction which the strongest job segments in the state has lost 10,000 jobs over the last year. are education, healthcare, natural Sources: BLS, Associated Press, Kansas Department resources and mining, which all continue of Labor to add hundreds of jobs each month. Sources: BLS, MetroWest Economic Research Center, New York Times, New Jersey Department of Labor and Workforce Development, Associated Press 2009 Job Market Perspectives 19
  20. 20. Where the jobs are: by region West South Best jobs: IT, Engineering, Best jobs: Healthcare, Finance/Accounting Finance/Accounting, IT, Engineering • The West has seen the largest year- • The South was one of the most stable over-year unemployment increase as regions, with unemployment remaining compared to the other regions, rising below the national average throughout by around 2 percent in 2008. 2008. • The financial and housing crises have • More than any other region, the South a had a big impact on California’s job benefits from a hybrid economy with market as the state unemployment rate a good mix of goods- and service- rose to its highest level in 12 years in producing jobs that have allowed the 2008 largely due to a halt in construction industry to maintain stability through activity, falling home prices, and the current economic turmoil. a decrease in consumer spending. • While Florida’s unemployment rate • Despite the turmoil in California, Silicon steadily rose throughout 2008, several Valley has held its own. The state has portions of the state’s economy, including the highest number of tech workers in the tourism and government, continued to country and IT jobs are still plentiful there. add thousands of jobs. State economists forecast a return to normal job growth • Nevada economists estimate that the for the state in 2010. state unemployment rate will average about 8.6 percent for 2009, reaching • Texas’ unemployment rate is far lower 8.7 percent by the end of the third quarter. than most states, hovering at around Las Vegas continues to see job growth 5 percent. The state’s job market has in the hospitality jobs category, but actually reaped some of the benefits of construction has slowed, hindering NAFTA and has been positively impacted the growth seen in recent years. by the oil and energy industries. • Washington saw its unemployment rate • While Michigan has lost thousands of fluctuate in 2008 which, according to the manufacturing jobs, Texas and Alabama state’s chief economist, indicates that are two states that have actually grown “the economy is substantially better than by the thousands when you look at their it was during the 2001 recession, when manufacturing workforce. Washington’s employment level declined Sources: BLS, Associated Press, Miami Herald, for 20 consecutive months.” Major job Dallas Morning News, Wall Street Journal growth is taking place in education, healthcare and publishing. Sources: BLS, California EDD, Los Angeles Times, The Las Vegas Review-Journal, Washington Employee Security Department 2009 Job Market Perspectives 20
  21. 21. The long road back to economic stability and growth. 2008 will be remembered as a year of historic political and economic events that influenced the way we live and work. What’s especially unique about our current situation is how it is impacting the country as a whole — whether your office is on Wall Street or Main Street, you live in Washington, D.C. or Washington State, you work in manufacturing or in financial services, we’re all united by the current economic realities. There are certainly major challenges to overcome in 2009 to get our worlds back on track. From employee to employer, citizen to politician, and consumer to business owner, the road back to economic stability and growth will once again be paved by the skills, perseverance, innovation and hard work of the American workforce in 2009. For more perspectives on the economy and labor market and how emerging trends will affect your business, contact an Adecco representative today at 877.8.adecco or visit 2009 Job Market Perspectives 21
  22. 22. Adecco Worldwide Adecco S.A. is a Fortune Global 500 company and the world leader in workforce solutions. Adecco connects over 700,000 associates with business clients each day through its network of over 33,000 employees and 6,600 offices in over 70 countries and territories around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, Adecco delivers an unparalleled range of flexible staffing and career resources to corporate clients and qualified associates. Adecco North America Adecco is the workforce solutions leader in the United States and Canada, with a comprehensive service offering that includes temporary and contract staffing, permanent recruitment, outplacement and career services, recruitment process outsourcing, training and consulting. In addition to its administrative, clerical and light industrial staffing services, Adecco operates the following specialty divisions: • Engineering & Technical • Finance & Accounting • Information Technology • Medical & Science • Legal • Human Capital Solutions • Government Solutions • Transportation For more information, please contact us today. 877.8.adecco ©2009 Adecco