Sunday, December 9, 2012

Employment Trends and a "Job Creator" Sampler


Last week, the U.S. Department of Labor reported that in November: 1) the unemployment rate dropped to 7.7% - with growth in professional servicesleisure and hospitality, but weakness in construction and manufacturing; 2) the labor force participation dropped to 63.6% (the decline of 350,000 workers likely a result of an aging population and discouraged workers no longer seeking jobs), 3) annual wage growth was 1.7%  and 4) unemployment rate for workers ages 16 to 24 was 14.8%. In addition, as the European Central Bank cut its economic growth forecast for Eurozone, the New York Times (Dec. 2, 2012) reported that European Union youth unemployment (ages 15 to 24) remains high with 22% in France, 51% in Spain and 36% in Italy.

In addition, Inc. Magazine (December 2012) presented its survey results of the  top ten U.S. job creators since 2008.  
  1. Universal Services of America (17,330 jobs): one of the largest providers of security and janitorial services in the U.S.
  2. Air Serv (6,269 jobs): baggage handling, cabin cleaning, and security services to the airline industry; 
  3. RuffaloCODY (1,700 jobs): fundraising and enrollment services and software to nonprofits and universities;
  4. Pacific Dental Services (1,451 jobs): provides administrative and human resource service to about 300 dental practices; 
  5. GoDaddy.com (1,403 jobs): Internet domain name registration and website hosting services;
  6. Heartland Dental Care(1,150 jobs): staffing, marketing and support services to over 370 dental practices;
  7. Chobani (1,083 jobs) makes yogurt with natural ingredients; 
  8. Talk2Rep (1,043 jobs): U.S.-based call center services and consulting; 
  9. Smashburger (995 jobs): fast food with over 170 locations and
  10. SolarCity  (989 jobs created): installs, monitors, and repairs solar power units
MY TAKE
  • With both the U.S. unemployment rate and labor force participation rate declining in November, it is likely that hiring trends remain fragile.
  • Regarding, Inc. Magazine’s survey, while other sources may highlight additional companies and organizations, the concentration of top job creators in the services sector suggests that growth in the high paying manufacturing sector continues to lag.
  • Regarding Europe’s youth unemployment, if the current high rates continue, the potential for social conflict may increase as well.

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