{"id":979,"date":"2009-08-11T22:28:51","date_gmt":"2009-08-12T02:28:51","guid":{"rendered":"http:\/\/rbach.net\/blog\/?p=979"},"modified":"2021-08-05T21:24:46","modified_gmt":"2021-08-06T01:24:46","slug":"no-job-growth-for-10-years","status":"publish","type":"post","link":"https:\/\/rbach.net\/index.php\/no-job-growth-for-10-years\/","title":{"rendered":"No Job Growth for 10 Years"},"content":{"rendered":"

\"\"The New York Times<\/a> <\/em>is reporting<\/a> that for the first time since the Depression, the American economy<\/strong> has added<\/strong> virtually no job growth<\/strong>\u00a0in the private sector over a 10-year period<\/strong>. The total number of jobs has grown a bit, but that is only because of government hiring.<\/p>\n

The NYT<\/em> charts show the job performance from July 1999, through July of this year. For the decade, there was a net gain of 121,000 private-sector jobs<\/strong>, according to the survey of employers conducted each month by the Bureau of Labor Statistics<\/a>. In an economy with 109 million such jobs, that indicated an annual growth rate for the 10 years of 0.01 percent<\/strong>.<\/p>\n

According to the NYT<\/em>, until the current downturn, the long-term annual growth rate for private-sector jobs had not dipped below 1 percent since the early 1960s. Most often, the rate was well above that.<\/p>\n

\"NYT<\/a><\/p>\n

Fortunately for me, the NYT<\/em> says the field of management and technical consulting leaped at an annual rate of 5 percent. But while designing computers and related equipment was a growth field, building them was a very different story, as the manufacturing shifted largely to Asia. The number of jobs making computer and electronic equipment in the United States fell at an annual rate of 4.4 percent, substantially more than the overall decline in manufacturing jobs, of 3.7 percent.<\/p>\n

That was a better showing than that of the automakers, which shed jobs at a rate of 6.7 percent a year.<\/strong> By contrast, auto dealers cut jobs at a much slower rate of 1.3 percent a year, although that rate may accelerate later this year as General Motors<\/a> and Chrysler<\/a> dealerships are closed.<\/p>\n

The total picture is of an economy that has changed in substantial ways over the decade. After the recession ends, job growth is likely to resume. But there is no indication that the secular trend toward a more service-oriented economy will reverse<\/strong>. and few expect that manufacturing will reverse its long decline as a major employer in the United States.<\/p>\n

rb-<\/em><\/strong><\/p>\n

Enough said –<\/em><\/p>\n

 <\/p>\n

Ralph Bach<\/a>\u00a0has been in IT long enough to know better and has blogged from his\u00a0Bach Seat<\/a> about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedIn<\/a>,\u00a0Facebook<\/a>,\u00a0and\u00a0Twitter<\/a>. Email the Bach Seat\u00a0here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

For the first time since the Depression, the American economy has added virtually no job growth in the private sector over the 10-year period between 1999 – 2009<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[3216,1733,1819,241,31,45,37],"class_list":["post-979","post","type-post","status-publish","format-standard","hentry","category-recession","tag-3216","tag-chrysler","tag-computer","tag-gm","tag-layoffs","tag-politics","tag-recession"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t