Summer 2009 | Volume 107 | Number 652
Now Hiring
Even in this economy, you'll find pockets of job growth if you know where to look.
Another month, another milestone. That seems to be the trend in unemployment these days, according to Bureau of Labor Statistics data. January saw the biggest monthly drop in the workforce in 59 years, with 741,000 jobs eliminated. Later cuts sent the May unemployment rate to 9.4%, a 26-year high. Although jobless percentages were much higher in the Great Depression, today's throngs of laid-off workers are unequaled in raw numbers. More than 14.5 million people were jobless as of May, more than at any other time in U.S. history. And every major industry has felt the impact. There are, however, still sectors with worker demand, and more are expected to see growth in the not-too-far future.
How Bad is it?
- Since the recession began in December 2007, 6 million jobs have been lost.
- The unemployment rate is at its highest level since August 1983.
- In May, the U-6 unemployment rate hit 16.4%, up from 9.4% a year earlier. Many see this alternative measure – which factors in part-time workers unable to find a full-time job and those who recently gave up their search (though not those who'd like to be employed but haven't looked in more than a year) – to be a more accurate gauge of the job market.
- The number of workers who want full-time work but can find only part-time jobs rose to a record 9.1 million in May. The average workweek fell to a record low of 33.1 hours.
A Healthy Sector
The health care sector weathers downturns fairly well. It has seen its share of layoffs in recent months, but relatively speaking, it is a bastion of growth. In fact, other than the government sector, it's the only area with notable growth. Hospitals, long-term care facilities and other ambulatory care settings added 23,500 new jobs in May, while other industries cut 345,000 jobs. And with baby boomers aging and requiring more health care, growth is expected to accelerate in -coming years. Nurses, home care aids and technicians are already in short supply, and other positions will need to be filled as well.
Should You Move?
When the job hunt drags on, you begin to wonder if prospects are better elsewhere. In past tough times, some states have fared better than others.
"These days there are no safe havens," says James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University.
"Places that looked like growth frontiers have seen reversals of fortune. For example, Georgia and North Carolina had high growth in 2007 but were among the biggest job losers last year."
In these conditions, Hughes advises job seekers to stay where they are unless they have an offer.
If you can't resist the urge to uproot, here's a rundown of what could be your best and worst moves:
Best Bets
(expected to lose less than 1% of workers in 2009)
Colorado, Nebraska, New Mexico, North Dakota, Texas, Washington and Washington, D.C.
Biggest Gambles
(expected to lose more than 2.8% of workers in 2009)
Connecticut, Florida, Hawaii, Michigan, Missouri and Ohio
– N.W.
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