5 Sectors Slowing Job Growth - News and Current Events | futures.io
futures.io futures trading

Go Back   futures.io

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

5 Sectors Slowing Job Growth
Started:May 4th, 2012 (06:31 PM) by kbit Views / Replies:278 / 0
Last Reply:May 4th, 2012 (06:31 PM) Attachments:0

Welcome to futures.io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

5 Sectors Slowing Job Growth

Old May 4th, 2012, 06:31 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

5 Sectors Slowing Job Growth

Though the unemployment rate fell to 8.1% in April, according to Friday’s data, experts say the outlook would be far rosier if it weren’t for a handful of sectors dragging down job growth.

According Bureau of Labor Statistics figures, employment rose by 115,000 last month, less than analysts expected, but they say many jobseekers will take little solace from those figures.

A survey from jobs website SimplyHired.com found hiring fell in all of the top 50 major metro areas last month with Cleveland and Akron, Grand Rapids and West Palm Beach recording double-digit drops. Gautam Godhwani, the site’s CEO, says there are three people for every one job listing in the U.S. Of course, some industries were hit by massive cuts at just a few companies. Bank of America, for instance, is in the midst of cutting 30,000 consumer banking and technology jobs over three years.

There are some signs of growth, however. The legal profession and the military proved to be two bright spots for hiring, according to SimplyHired.com, with postings in those sectors up 166% and 239% respectively on the year in April. And, as SmartMoney.com reported, there are other anomalies: The number of HR jobs seems to be rising faster than overall hiring.

Here are five job sectors that continue to weigh on the overall employment picture.

Department and big box stores

Retailers keep demanding higher productivity from existing workers while trimming staff to save costs — hence the increasingly unmanned numbers of cash registers. Stores also need less space and less staff working the floor, says Patrick O’Keefe, director of economic research at J.H. Cohn consultants in Roseland, N.J. In the five years before the 2008 recession, stores accounted for 13.6% of all private-sector jobs, according to the Bureau of Labor Statistics.

However, during the jobs recovery, which began in March 2010, the sector provided only 9% of the total private sector gains, partly due to online retailers eating into the business of bricks and mortar rivals. “The rise in e-tailing is a long-term trend, which has only accelerated,” O’Keefe says.

Department stores lost 33,800 jobs in March, but added 6,400 in April, according to the Labor Department. Clothing stores lost 1,300 last month. Still, Betsey Stevenson, assistant professor of business and public policy in The Wharton School at the University of Pennsylvania, says it’s too soon to say whether this downward trend will continue throughout 2012.

TV, movie and music jobs

Jobs in motion picture and recording have remained stagnant over the last three months, according to the Bureau of Labor Statistics. The slowdown in hiring is partly seasonal, as some of TV shows end their productions this time of year, says producer Jonathan Taplin, a member of the Academy of Motion Picture, Arts and Sciences. Digital music recording equipment like Pro Tools and Apple’s software package GarageBand, which was launched by Apple in 2004, have also replaced some studio jobs in the music industry, he says.

“Digital technology is pretty much killing the standalone recording studio business,” says Taplin, who is also director of the University of Southern California’s Annenberg Innovation Lab, an arts and media research group. “Every band has much higher quality tools on a Mac than we had with 24-track tape in the 1970s or even five years ago,” he says.


Hiring in the travel industry fell by 7.1% during April, according to jobs posting website SimplyHired.com. “This sharp decline in hiring so close to popular travel months is likely an attempt by airlines and other oil-reliant travel businesses to buffer the unavoidably high cost of oil,” Godhwani says.

Of course, there have been some high profile job cuts in the airline industry with American Airlines announcing that it will slash 13,000 jobs as it struggles with long-running bankruptcy proceedings. “Although job openings decreased from last month, this isn’t unusual for hiring during this time of year,” Godhwani says. On the upside, he says travel hiring may pick up as the summer season gets underway. The transportation industry also saw a 2.8% decline in April, which he says could be due to rising gas prices.

Amusement and gaming

The amusement and gaming industry may provide more entertainment than employment these days. Although the total number of jobs in leisure and hospitality rose by 12,000 in April, employment in amusement and gambling fell by 7,700 in April after dropping 3,700 in March, according to the Bureau of Labor Statistics. “The gambling industry is not showing much growth,” says Gregg Mulholland, analyst with Sageworks, a financial information company.

A spokeswoman for the American Gaming Association — which represents casinos and, therefore, only one-third of the amusement and gaming sector — says employment was largely flat year-on-year in 2011 at around 340,000. “Several properties are set to open this year, though, so I would expect an uptick in 2012,” she says.

Childcare services

Job postings for childcare services have steadily decreased since 2007, according to employment site Indeed.com. In April they fell by 1,000 after declining by 3,700 in April, according to the Bureau of Labor Statistics. With childcare costs increasing and income growth stagnant, more grandparents have stepped in to look after young children – roughly 40% to 60% of those living within 30 minutes of their grandchildren now provide some care, according to the National Association of Child Care Resource & Referral Agencies.

The Bureau of Labor Statistics says the industry is due a revival, however. It forecasts childcare will grow by 20% over the next decade as the number of children requiring care is expected to grow. Others are not so sure: Stevenson says it’s difficult to draw forecasts from a breakdown of jobs data, especially given Friday’s report and the uncertain economic outlook.

5 Sectors Slowing Job Growth - Yahoo! Finance

Reply With Quote


futures.io > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > 5 Sectors Slowing Job Growth

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

An Afternoon with FIO trader bobwest

Elite only

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
Economists Expect Another Round of Tepid US Job Growth Quick Summary News and Current Events 0 November 3rd, 2011 06:50 PM
US Has Zero Job Growth For First Time Since World War II Quick Summary News and Current Events 1 September 2nd, 2011 11:10 AM
Lackluster Job Growth Seen for June but Hiring May Pick Up Quick Summary News and Current Events 0 July 7th, 2011 07:20 PM
Job Growth Likely to Be Steady but Unspectacular Quick Summary News and Current Events 0 March 31st, 2011 07:40 PM
Job Growth Too Low, Deficit Must Be Controlled: Bernanke Quick Summary News and Current Events 1 February 9th, 2011 12:36 PM

All times are GMT -4. The time now is 08:11 PM.

Copyright © 2016 by futures.io. All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-23 in 0.09 seconds with 20 queries on phoenix via your IP