Economic Outlook - October 2010
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- 1. Economic Data As of October 2010 Reflective of the September 2010 National Jobs Report from the Bureau of Labor Statistics
2. Public sector jobs contribute to job loss while unemployment holds steady 0 -3 -6 -9% 2 4 6 8 12 10 14 16 20+ Months of job losses JOBS LOST IN SEPTEMBER UNEMPLOYMENT RATE WORST UNEMPLOYMENTRATE SINCE -95,000 9.6% 1983 0 -3 -6 -9% 2 4 6 8 12 10 Months of job losses 1945 1948-49 1953-54 Current recession 1981-82 1973-75 2001 18 Unemployment Lines Cumulative job loss in selected recessions, as a percentage of total jobs 3. Unemployment rate remains unchanged at 9.6% 4. Change in non-farm payrolls for September 2010 5. Temporary job sector growth becomes more permanent 6. Continued private sector business gains are needed for growth 7. Job gains/losses by industry In thousands Construction Manufacturing Leisure & Hospitality Retail Legal Accounting Architecture/Engineering Finance IT/Technical Healthcare Temporary -21 -6 +38 +5.7 +2.5 -7.6 -.6 -2.9 -.9 +32 +16.9 8. Although July featured a slight setback, the temporary sector is performing extremely well 9. Education continues to be the job search differentiator 10. Regional unemployment snapshot 11. Following jobs report, Dow hits 11,000 12. In summary
- The September jobs report brought job losses with unemployment remaining steady
- Adecco Group continues to see demand for temporary help from clients in every industry and region of the United States.
- Job growth in the temporary, health care, leisure and hospitality and management/technical consulting sectors bring new opportunities for full time and temporary workers.
- Private sector job growth will need to increase speed in order for the unemployment rate to drop in the upcoming months.
- In the next few months, we could see the unemployment rate remain the same even with job growth as more and more previously discouraged job seekers enter the market.