While the entire country is still recovering from the recession that hit us a few years ago, there are some sectors that have finally bounced back. One of the employment sectors that took a major hit in 2009 was the private sector. The number of privately employed people started to take a dip in the 3rd quarter of 2008, and really fell on its face in 2009. As of March 2014, the number of jobs held in the private sector has finally surpassed those 2008 levels. Of those jobs in the private sector, there are still some industries that still haven’t recovered, meanwhile others have grown.
Private Sector Jobs Market Rises Above Pre-Recession Levels
The number of jobs in the construction and manufacturing industries are still way down when compared to their pre-recession levels, partially due to a burst in the housing bubble that demanded all of those construction workers years ago. In today’s job market, the industries seeing the highest growth in the private sector are the Education, Healthcare, Business Services, Mining, and Logging industries. They have practically made up for the number of private jobs lost during the past few years.
This growth in jobs in the private sector means that businesses are growing and starting to recover. There is still a deficit of jobs in the government sector, but there may not be as much growth for jobs there as there once was due to budget constraints and a change of direction towards a leaner operating government.
Even though there has been a recovery of jobs in the past 4 years, there has still been a higher level of unemployment than usual. Some new workers have entered the workforce, while others still struggle to find jobs. There have not been opportunities in all professions to find viable employment. Some of those workers may need to change their expectations, or acquire new skill sets in order to seek gainful employment. Some of this change of direction in professions has contributed to the growth of jobs within the private education sector.
Featured chart from the Department of Labor.
Private Sector Jobs Market Rises Above Pre-Recession Levels.