Recession Analysis — How long will it take the job market to fully recover if the recession “officially” ended in July 2009? (We won’t know for months when it “officially” ended) JobBait analyzed this question two different ways and included a video tour of their interview with Jason Alba of JibberJobber.com.
JobBait’s analysis of the data indicates that the recession hasn’t hit bottom yet, but appears to be slowing down considerably. Mark cautions that when it ends doesn’t matter as much as how long recovery will take. He predicts the earliest possible recovery date to be the beginning of 2012.
Is something growing in your area, but you don’t know it?
Unexpected Hot Spots — Hundreds of area/industry combinations (in addition to Healthcare, Education and Government) are growing faster than the workforce. For example, General Merchandise Stores in Anchorage, Alaska grew 7.7% in the 12 months ending June 2009 and added 400 new jobs.
Is your metro area improving or declining in this recession?
Green Shoots — Dozens of metropolitan areas are showing signs of recovery, as measured by recent and continuous improvements in their employment growth rate. In Hot Springs, Arizona, employment growth has been improving for the last 5 months. They are apparently breaking free of the recession.
Pay Comparisons — Compensation for the same occupation varies by location. For example, Management, business and financial workers in York, Pennsylvania make 110% of the national average. In Johnstown, PA they make 83%. In other words, York pays 33% more than Johnstown for these occupations.