At the end of October 2010, the major job sites released hiring data and analysis for the month, indicating results that unemployment has been practically flat for the past 6 months. Today’s article summarizes job reports from Indeed.com, SimplyHired.com and CareerBuilder.com.
Not only is this data valuable for job seekers, but for business analysts, corporate strategists, marketers, salespeople, investment analysts, financial advisers, and others who are interested in companies experiencing growth.
September’s unemployment rate of 9.6% remained equal to August data, described by CareerBuilder as “essentially unchanged“. While October gained 159K private-sector jobs, public-sector job losses are slowing (-8K) as most of the census jobs have ended. The private sector job gain number is encouraging, showing the best gains since April 2010 (much of April’s totals were temp jobs for the Census).
The good news behind this is that private sector jobs increased 1.1M year to date, led by the health care industry that added 24K jobs, food service has added 24K jobs, retail added 28K jobs and 35K temp jobs were added in the past month.
Job growth was still inconsistent, effecting some cities, industries and job functions more than others. But as job advertisements continue to rise and layoffs continue to drop, ratios of unemployed to job advertisements are starting to even out. Some job markets still remain in the dumper – Miami, Los Angeles and Riverside CA remain in deep trouble with up to a 1:7 (Miami; Riverside and Los Angeles were 1:6) ratio of unemployed workers to job advertisements.
Growth by Function:
Indeed tracks employment trends by industry each month. Indeed’s October 2010 trend by industry survey shows growth in all fields. While health care shows the least growth from last year at 16% compared to October 2009, there were almost twice the number of health care openings (813K) than retail (437K), the next closest industry. The greatest changes were in transportation (a 107%), media/newspaper (88%), Information Technology surged to a 69% increase, manufacturing (68%) and retail (68%).
Chart source: Indeed.com Blog
Growth by Metro Area:
Indeed.com publishes a monthly report of where the jobs are, giving insights into which job market is strongest and which is weakest. Indeed’s job market survey shows slightly increased job advertising activity, demonstrating very slow growth.
Indeed’s October 2010 survey of job advertisements show the job market is strongest in Washington DC, San Jose CA, Baltimore MD, NYC NY and Boston MA. Washington has been at the top of the list most of the year, as federal government spending remains high. San Jose and Baltimore and NYC all held their places. The remainder of the 10 top job markets are geographically in the Northeast, North Central, while the South Central US replaced the Northwest US: Boston MA, Hartford CT, Cleveland OH, Milwaukee WI, Oklahoma City OK and Austin TX, all share a 1:2 ratio. In addition, the top 22 job markets are at at least a 1:2 ratio of unemployed to job advertisements.
At the opposite end of the spectrum is Riverside CA (#48, 1:6), Los Angeles CA (#49, 1:6) and Miami FL (#50, 1:7). Florida still is struggling and while now having 4 of the worst 10 job markets – Tampa FL (#40, 1:4), Jacksonville (#42, 1:4), Orlando (#44, 1:4) and Miami (#50, 1:7). California has 4 more of the worst 10 job markets – San Diego (#41, 1:4) Sacramento (#45, 1:4), Riverside (#48, 1:6), and Los Angeles (#49, 1:6).
Some of these ratios improved slightly last month, while others fell. Oklahoma City OK and Providence RI each picked up 5 spots, while Salt Lake City UT added up 4 spots. On the other hand, Memphis TN dropped 8 spots, Atlanta GA dropped 5, Seattle WA, Birmingham AL, and Rochester NY dropped 4 spots. This indicates that job growth continues to be spotty – we are starting to see some growth in some selected places, but it typically hasn’t been sustainable in multiple months. The ratios are improving in markets overall but improving slowly.
Chart source: Indeed.com Blog
To summarize the findings of these reports, we’re seeing continued slight job growth and a flat unemployment rate, which suggests that the recovery remains slow, tentative and inconsistent. Overall, more jobs are being advertised, hopefully a sign of future hiring trends.-------------------------------------------------------------------------------------------------------------------------------------
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