The latest Labor Department job growth report includes some optimistic news among mostly dismal numbers. It is expected that job growth will occur in the services sector, particularly heath care and the federal government itself. See the data below.
Overall the unemployment rate today remains above 10% which is terrible news for the economy and politically damaging to the Obama administration. The historic contraction in our labor markets is the primary reason that the president’s approval rating has dropped precipitously below 50% this year.
But it is not all bad news in the labor market forever. The Bureau of Labor Statistics predicts robust rob growth in the next ten years in the services sector of the economy. Professional and business services will add over 4 million new jobs from today. Those are mainly computer professionals, management consultants, accountants, and lawyers.
According to the Labor Department, job growth will also occur in the health care industry whether or not Congress and the Administration succeeds in passing health care reform. Home health care workers are expected to gain the most, as well as employment in nursing care facilities. Unfortunately these are among the lowest paid and highest stress jobs in health care. The number of physicians is expected to shrink under the congressional health care plan, while (ironically) office workers will increase to handle paperwork.
Manufacturing jobs are expected to continue their decades-long decline while construction jobs will remain mostly stagnant says the labor department. This part of the forecast continues to conflict with claims made in the White House earlier this year.
You can read the full report unedited at the Bureau of Labor Statistics official website which is located here.
The total math is that 15 million jobs will be added in the next ten years, which interestingly barely keeps up with expected population growth. So reading between the lines, the Labor Department job growth forecast will see continued unemployment approaching 10% for the foreseeable future. And the jobs themselves will be lower paid than what came before.
Not a very good outlook. See the video on the job market claims made earlier this year, and then tell us what you think about the latest Labor Department’s job growth news.
(Video)
December 12th, 2009 at 4:51 am
What is wrong with economy “Home health care workers are expected to gain the most, as well as employment in nursing care facilities. Unfortunately these are among the lowest paid and highest stress jobs in health care. The number of physicians is expected to shrink under the congressional health care plan, while (ironically) office workers will increase to handle paperwork.” So we will have more and more people getting older less doctors to care for them and a lot more paperwork! On the bright side, its good for people who like to push paper and may open more doors for home workers.
December 12th, 2009 at 6:01 am
This is the future of America folks, completely socialized! I have been a healthcare worker for 19 years in many facets of medicine. I have seen a steady decline in patient care not because of the caregiver, but the time afforded them. Now the statistics show less people want to become doctors! Who would with high liability, malpractice insurance costs and not to mention the amount of debt they graduate with. Look around you when you go to the doctors office. It is becoming more and more impersonal, they screw up information, prescriptions, phone calls back to the patient are rarely done in the same day and also getting in touch with your doctor if you have a question is almost non-existent. If you are lucky you get a nurse or a receptionist taking a message for you. This is not because the doctor does not care, THEY DON’T HAVE TIME!
There are TOO many patients and they are only human. Now everyone suddenly needs insurance instead of a job. It is now OK to be homeless or unemployed as long as you have health insurance! People are never turned away where I work no matter what money or insurance they do or do not have and the care is fast and results are within the hour. It is called the EMERGENCY Room! Has anyone ever thought how they are going to follow up with unemployed or homeless people for after-care when they have no residence or can’t afford a phone because they are jobless! Fix the JOB situation first, health will follow, people are suffering not only for lack of a job but self esteem issues because of not finding one.
December 12th, 2009 at 10:49 am
An honest evaluation of small capitalization stocks and microcaps show that America still has a vigourous slice of its economy always looking to grow and expand. That is probably why they are doing better than big cap stocks because of the raw animal spirits and a better alignment of management and workers interests with the stock price. A lot of innovation is going to come out of this sector and its already gone global. The whole greening of the world can in large part come from here. Mid and large size companys will buy some of these up in mergers and acquisitions. earnings growth will come gradually from this new sector and it will help other divisions in these companies as they bundle together their products, services, and economies of scale. Things are not as bad or over as so many of you think. America’s forte is innovation and addressing the future before it even gets here.
December 12th, 2009 at 7:47 pm
Abolish the Labor Department!!!!!!!!!!!!!!!!!!
December 13th, 2009 at 12:11 am
Eve Healthworker, You’re right on. I had Wanted to become a doctor. I honestly want to help others. This situation with our government has gotten out of hand. I have the ability and the the drive to Become one and have realized i can’t be the best doctor i can be if i can’t give personalized care due to all this red tape. It’s a shame I’m going to be one less future neurosurgeon in the U.S.
December 13th, 2009 at 1:50 am
I have been unemployed for a year.At my local unemployment office there is a sheet to sign up for schooling (retraining)I have been approved for funding. The catch is you have to take classes or training approved by none other than the Department of Labor.The only program they say I can take is a certificate program to become a certified machinist, if I am not mistaken the manufacturing job sector is in the tank so why would you want to pay for me to take that training?
The second reason this boggles the mind is that just so happens to be the very job I am laid off from, and it gets a little better.
So the Labor Department wants to train me for a job I already do and have done for eight years, and have been laid off from and when the program is finished I will have no job opportunities to speak of so I will be back on unemployment and singing up for funding again.
I have asked about getting funding for Networking classes,green jobs, medical lab tech. all these jobs are in demand but I keep getting reason after reason why I cant take this training. I asked why are you directing me toward taking machinist training and here was the reply I have received “there is a shortage of certified machinists in your geographical area” so I promptly reminded them that I am a certified machinist and have been so for eight years and am currently laid off from doing that very job and unable to find one in that field for a year.
On this very web site it says this “Manufacturing jobs are expected to continue their decades-long decline” If anyone could explain why the government would want to fund a program for training in a career that is and has been on the decline for years please enlighten me.
This is nothing short of mind boggling.
December 13th, 2009 at 7:23 am
Flint:
Well I’m just saying get rid of the Federal Department of Labor. Also with that money saved the local government could tax what your no longer paying and have better job training programs. That could help you get a job that your more likely to get in your town.