Where are the jobs?
Written by Bay Park Insurance Agency, LLC dba: ISU Encircle Insurance, Encircle Insurance Services on May 6, 2011
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The U.S. economy is slow to make a comeback, but some sectors are doing better than others.</h2>
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<img alt="(AP Photo/Patrick Semansky)" height="96" src="http://media.benefitspro.com/benefitspro/article/2011/05/05/Jobs_AP-resize-380x300.JPG" width="288" />(AP Photo/Patrick Semansky)</p>
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May 5, 2011 By <a href="https://alicorsolutions.com/author/jenny-ivy">Jenny Ivy</a> Discuss</p>
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<a href="https://alicorsolutions.com/support/blog.php?domain_name=isuencircle.com&rec=add#disqus_thread">0 Comments</a></p>
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In March, 21 months into recovery, the number of people employed in the United States was roughly the same as June 2009 — the month that marked the end of the Great Recession. According to nonprofit The Conference Board, the U.S. economy just can't bounce back like it used to.</p>
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The recovery is the second slowest on record since 1961. [See <a href="http://www.benefitspro.com/2011/05/05/jobless-apps-hit-8-month-high">Jobless apps hit 8-month high</a>]</p>
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A weak growth trend in both jobs and GDP began under the Bush administration in 1991. The Conference Board reports in the last three recoveries, neither GDP nor employment “roared back†as was typical after earlier downturns.</p>
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“When looking across industries, the current recovery is showing some unique trends,†says Gad Levanon, associate director of Macroeconomic Research at The Conference Board, and author of a new report examining the employment outlook.</p>
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“For example, employment in construction, finance and state/local government is not only declining, but declining much faster than in any other recovery since 1960. The decline in these industries is a result of forces that go beyond the ups and downs we see in typical recessions, and a strong bounce back is unlikely in the near future.â€</p>
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Since the end of recession, total employment in construction, finance and state/local government declined by 1.06 million jobs, while the rest of the economy added only 1.3 million jobs.</p>
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The research association predicts employment growth will continue to be slow in the near-term, and that unemployment is likely to remain above 8 percent through 2012.</p>
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The Conference Board forecasts GDP to grow at about 2.5 percent in 2011 and 2012, much lower than the rate of 3.5 to 4 percent typically reached during expansions.</p>
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Adds Levanon: “Longer-term prospects are more promising, however. In the last six months, employment outside of construction, finance and state and local government has already been growing faster than nearly any other six-month period in the last decade. Once constraints in these hard-hit sectors loosen, overall job recovery is likely to pick up pace.†[See <a href="http://www.benefitspro.com/2011/04/27/unemployment-falls-in-80-percent-of-big-cities">Unemployment falls in 80 percent of big cities</a>]</p>