Download - Economic Outlook - October 2010

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Page 1: Economic Outlook - October 2010

Economic DataAs of October 2010Reflective of the September 2010 National Jobs Report from the Bureau of Labor Statistics

Page 2: Economic Outlook - October 2010

Public sector jobs contribute to job loss while unemployment holds steady

0

-3

-6

-9%2 4 6 8 1210 14 16 20+

Months of job losses

JOBS LOST IN SEPTEMBER

UNEMPLOYMENT RATE

WORST UNEMPLOYMENT RATE SINCE

-95,000

9.6%

1983

0

-3

-6

-9%2 4 6 8 1210

Months of job losses

1945

1948-49

1953-54

Currentrecession

1981-82

1973-752001

18

Unemployment LinesCumulative job loss in selected recessions, as a percentage of total jobs

Page 3: Economic Outlook - October 2010

Unemployment rate remains unchanged at 9.6%

Page 4: Economic Outlook - October 2010

Change in non-farm payrolls for September 2010

Page 5: Economic Outlook - October 2010

Temporary job sector growth becomes more permanent

Page 6: Economic Outlook - October 2010

Continued private sector business gains are needed for growth

Page 7: Economic Outlook - October 2010

Job gains/losses by industry

In thousandsCon

stru

ctio

n

Man

ufac

turin

g

Leis

ure

& H

ospi

talit

y

Ret

ail

Lega

l

Acc

ount

ing

Arc

hite

ctur

e/E

ngin

eerin

g

Fin

ance

IT/T

echn

ical

Hea

lthca

re

Tem

pora

ry

-21 -6

+38

+5.7 +2.5 -7.6 -.6 -2.9 -.9

+32

+16.9

Page 8: Economic Outlook - October 2010

Although July featured a slight setback, the temporary sector is performing extremely well

-100

0

100

Jan-

09

Feb-

09

Mar-

09

Apr-

09

May -

09

Jun-

09

Jul-

09

Aug-

09

Sep-

09

Oct-

09

Nov -

09

Dec-

09

Jan-

10

Feb-

10

Mar-

10

Apr-

10

May -

10

Jun-

10

Jul-

10

Aug-

10

Page 9: Economic Outlook - October 2010

Education continues to be the job search differentiator…

Page 10: Economic Outlook - October 2010

Regional unemployment snapshot…

8.2%8.4%8.7%

7.6%9.4%

8.5%9.6%

8.5%9.8%9.9%

8.2%10.4%10.6%

12.8%12.1%

14.7%14.4%

BaltimoreDallas

HoustonBoston

PhiladelphiaSeattle

ClevelandMilwaukee

ChicagoSt. Louis

New YorkAtlanta

San FranciscoMiami

Los AngelesLas Vegas

Detroit

Page 11: Economic Outlook - October 2010

Following jobs report, Dow hits 11,000

Page 12: Economic Outlook - October 2010

In summary…

The September jobs report brought job losses with unemployment remaining steady…

Opportunities• 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.

Weaknesses• 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.