This recession isn’t like the last few we’ve had. This time, there are millions of jobs that are going away, and they’re not coming back.
“We’re not buying new homes, new cars and durable goods the way we used to, and we’re not reading newspapers in the age of the Internet,” says Yusuf Wilson, job coach and author of Time To Get Hired!
“Those are four job sectors affected right there.” Because of the labour conditions and other market pressures that have changed for good, the numbers of jobs in those fields will never return to their former levels. As a result, people need to think about re-educating themselves and preparing for jobs that will be around for a while.”
Wilson identified 10 job sectors that are drying up, with one category that will continue to grow.
Yusuf Wilson is President and Senior Consultant of Wilson Training and Consulting Systems, LLC. Yusuf has over 20 years of executive leadership and training experience and he is the author of Time To Get Hired! which is on sale now. This article has been written for Business Insider and has been published with permission from News And Experts PR.
Unemployment in the construction area was up to 17 per cent this past August, up from 16.5 per cent a year ago.
The housing market is still floundering, and inventories are still vast because of the millions of foreclosures.
Since 2006, the realty sector has lost 200,000 jobs, because houses aren't selling the way they used to. Most realtors don't work on a salary, but rather, on a commission.
So, if they don't sell, they don't eat. Many have already pulled up their shingles and begun seeking work elsewhere. If the housing market doesn't recover, neither will the realty sector.
So far, Detroit has lost close to 300,000 jobs, and for every car company worker laid off, three more are laid off in related industries, such as car dealerships.
The domino effect isn't going away, as many consumers shift to buying used cars to save money.
The drug business has a different push and pull -- patents. Many of the big drug companies' patents are going to expire, meaning generic companies will be able to sell popular prescriptions for lower prices soon.
Look for jobs in that sector to dry up until the next Viagra or Claritin comes along.
Two pressures are driving away bank jobs. Thousands of banks closed during the recession at the same time automated banking and Internet banking have become popular with consumers.
That means fewer banks, and fewer need for bank tellers. The Internet isn't going away, so those jobs won't be coming back.
Education is a major priority to moving the United States forward in the 21st Century, however most state or local governments have been susceptible to shrinking municipal revenue receipts during this recession.
This resulted in the reduction of over 220,000 state and local education jobs since November 2009.
With consumers trying to save money on everything from automobile gas to postage cost, the continual decline of consumers using the US Postal system has increase during the 2007 -- 2009 recession.
With over 130,000 job losses since 2007, postage service clerks, mail processors and processing machine operators will see additional declines as electronic communication continue to reduce traditional postal service use.
With the projected 2010 federal budget deficit of $1.5 trillion, the military is a prime target for federal government budget cuts. Secretary of defence, Robert Gates has recommended freezing military pay, cutting health-care costs, and outsourcing many military jobs to contractors.
In addition, troop deployments in Iraq and Afghanistan are winding down over the next two years.
Most believe police, firefighter, and other state and federal public safety jobs are the last to be reduced or furloughed. And they are correct.
However, many state and federal government fiscal constraints have now reached that unfortunate point. Police, fire, and other public safety departments are now subject to the same rules and budget pressures as other federal and state government agencies.
With increasing pressure to slash Uncle Sam's $14 trillion debt, the federal government will have to reduce staffing levels, contain employee payrolls and manage benefits cost.
Some of these measures have began already: on November 29th , President Obama announced a two year payroll freeze. In addition, there have been more than 240,000 federal jobs cuts since 2007.
On the plus side, Wilson said the Green industry would continue to grow.
From 1997 to 2008, green jobs grew by a factor of 67 per cent, and with the Obama Administration promising to create as many as 5 million jobs over the next decade, it's time for job hunters to match their education to the job trend that is tracking upward,
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