Monday, May 16, 2011

Industries the "Recovery" has left behind .....

Found on CNN Money, this morning…..

Here are just a few of the comments made in an article titled, “Industries the Jobs Recovery Forgot”

Think of them as the industries the recovery has left behind.

* Construction

* Finance and insurance

* Media

For workers in these areas, the job prospects aren't much better today than they were at the start of the Great Recession.

Employment levels hit four-year lows in April in more than a dozen sectors tracked by the Labor Department. Another 10 hit lows in the first three months of the year and have shown little gain since, according to an exclusive CNNMoney analysis.

The problems persist even while nearly three out of four other business sectors have been adding jobs over the last six months.

For job seekers with these fields on their résumés, talk of a hiring rebound rings awfully hollow. And economists warn not to expect any quick turnaround in some of these industries.

Construction is the biggest hole in the job market. Job losses started there well before the start of the recession in December 2007, but since then, the construction industry shed a staggering 2 million jobs, or 27% of its the pre-recession jobs.

"Construction is just starting to turn, but it's not going to come back fast," said Mark Zandi, chief economist of Moody's Analytics. "And it's not getting back to the levels we saw during the boom anytime in the foreseeable future."

The finance and insurance sector also has yet to recover from the damage wrought by the collapse of the housing bubble.

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