November 2010 Employment Trends – Too few new jobs to prevent unemployment rise

Dec 30 2010 in Employment Economy, Featured, reCareered Blog by Phil Rosenberg

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At the end of November 2010, the major job sites released hiring data and analysis for the month, indicating results that unemployment rose slightly after being practically flat for 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 9.8% rose .2% from October numbers, because the US economy added 111K fewer jobs than expected during November, and 39K jobs we added just weren’t enough to keep up with layoffs. November gained just 50K private-sector jobs, the lowest numbers all year.

Job growth still was 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 November 2010 trend by industry survey shows growth in all fields. While health care shows the least growth from last year at -8% compared to November 2009, there were 67% more health care openings (755K) than retail (451K), the next closest industry. The greatest changes were in transportation (26%), hospitality (26%), Real estate (11%), retail (10%) and financial services/banking ( 10%).

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 November 2010 survey of job advertisements show the job market is strongest in Washington DC, San Jose CA, Baltimore MD, Boston MA and NYC NY. 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 top job markets are geographically in the Northeast and Midwest: Cleveland OH, Hartford CT and Milwaukee WI also share a 1:1 ratio with the best job markets in the US. In addition, the top 29 job markets are at at least a 1:2 ratio of unemployed to job advertisements.

At the opposite end of the spectrum is Los Angeles CA (#48, 1:5), Riverside CA (#49, 1:5, and Miami FL (#50, 1:6). Florida continues to struggle with 3 of the worst 10 job markets – Jacksonville (#40, 1:3), Orlando (#41, 1:3) and Miami (#50, 1:6). California still has 4 of the worst 10 job markets – San Diego (#44, 1:3) Sacramento (#45, 1:4), Los Angeles (#48, 1:5) and Riverside (#49, 1:5).

Some of these ratios improved slightly last month, while others fell. Virginia Beach VA picked up 6 spots, while San Fransisco CA, Columbus OH, Indianapolis IN and Rochester NY each added 4 spots. On the other hand, Nashville TN and New Orleans LA each dropped 6 spots, while Oklahoma City OK and Pittsburgh PA each dropped 4. 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.

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Chart source: Indeed.com Blog

To summarize the findings of these reports, we’re seeing continued slight job growth suggesting a slow recovery remains tentative and inconsistent.

Let’s all keep our fingers crossed for more consistent and stronger job growth in 2011.

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Author: Phil Rosenberg

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