Five Employment Sectors Not Back to Pre-Recession Levels
How you are doing in the Obama Recovery may have as much to do with the sector in which you work than anything. When the Jobs Report is released there are two data sets: the Current Population Survey (CPS) and the Current Employment Statistics (CES) Data. There are eleven sectors in the CPS Data: Mining and Logging; Construction; Manufacturing; Information Services; Trade, Transportation, and Utilities; Financial Activities; Professional Business Services;Health and Education Services; Leisure and Hospitality; and Other Services. Six sectors have seen expansion, five sectors have either seen contraction or an incomplete recovery.
Weak Gasoline Prices means Weak Mining and Logging Numbers. The media has been touting low gasoline costs as a economic savings. While we have seen savings at the pump the stimulus has been removed from the economic equation throughhigher personal taxes. We have fewer mining and logging workers than during August of 2006, 2007, or 2008.
Weak New Home Sales and Weak New numbers translate into weak construction data.We saw a peak level of construction employment during 2005 when we saw peak units sold. The pre-recession peak for sales price was during the Summer of 2006.There are only 5,000 more construction workers now compared to August of 1999. We are down over 1 million workers from the peak.
The President had touted a recovery in Manufacturing Jobs. This is not true. We had 13.459 million Manufacturing jobs during August of 2008. This past month we only had 12.371 million jobs. Another million lost jobs We have lost 5 million manufacturing jobs since August of 2000. We are down 6.5 million manufacturing jobs since August of 1981.
We have seen a continuing decline in the Information Sector. It would make sense with all of the security breaches and technology stories in the media that we should be seeing a boom in the information sector. The information sector peaked during 2001 and hit is recent low during 2011. The financial service sector peaked during 2006 and have not recovered to the pre-recession levels. The same can be said regarding the Government Sector.
We have seen considerable increases in the Leisure and Hospitality Sector as well as the Health and Education Sector. We have seen the Leisure and Hospitality Sector expand from 14 million during August of 2008 to over 16.2 million during August of this year. We have seen the Health and Education Sector expand from 19.2 million to over 22.3 million during the same period of time.
This has been an incomplete recovery
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