Recovering Of Job Market Could Take Years

By Janet Peterson on January 24, 2010, 12:06 pm Posted in Economy News

Since the start of the recession in 2008, America has lost 7.2 million jobs and counting. This staggering number has lead to the 10% unemployment rate that some economists expect to rise to 10.8% by the end of 2010. There has been a slowing of monthly job losses but these first few months in 2010 will be a good indicator of how much we can expect the unemployment rate to rise. The growing unemployment rate coupled with the slow job growth will make the return to a stable job environment crawl at a snail’s pace.

Gone Forever

We may never see the days of five and six percent unemployment. Economists agree that the best we can hope for is seven or eight percent. This paints a dismal picture of the future of the American job. Some of the hardest hit industries including, the auto and manufacturing industries, may never recover from the recession. Areas where job growth is expected are health care, education, and computers. Those formerly employed in some of the higher job loss industries may need to get more training or head back to school before they will be able to re-enter the workforce.

 

Education Key

For a good chunk of Americans who have lost their job since 2008 returning to school may be their only option, especially those in non-skilled labor positions. Community colleges have been flooded with applications, a significant portion of them over the age of 25, who are looking for a better way out of this recession. Even with the current health care bill on the table, all jobs in health care are expected to grow faster than average over the next 10 years. We may never return to the days of the Big Three dominating American jobs and if Congress has their way we could see the health care industry cracked wide open.

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