According IBISWorld, Many of the Country's 700-Plus Industry Sectors Are Rapidly Changing, Making Labor Day an Excellent Time to Consider New Job Opportunities or to Pursue a Different Career Path In A New Industry
LOS ANGELES, Aug. 20 /PRNewswire/ -- IBISWorld (http://www.ibisworld.com/), recognized as one of the nation's most respected independent publishers of industry research, today announced that the popular Labor Day weekend coming up on September 4, is also an excellent time to reflect on one's personal employment situation or to consider charting a new career course.
IBISWorld's economic analysts, who write Industry Reports covering more than 700 industry sectors for corporate clients, consulting firms, government agencies, and colleges and universities, have identified new employment trends in many of the country's traditional industry sectors, as well as in new industries that did not exist 10 years ago.
"In today's dynamic and ever-changing economy, even many of the old industry sectors are now changing at warp speed. They have to be agile in order remain competitive," said Harvey Jones, executive vice president for IBISWorld.
"The ability to be agile is creating excellent opportunities for some industries to attract not only freshly minted college graduates but seasoned workers who may be looking for a dramatic career change as well," said Jones. "So it seems quite fitting to be somewhat reflective about one's career during Labor Day."
"The ability to be agile is creating excellent opportunities for some industries to attract not only freshly minted college graduates, but seasoned workers who may be looking for a dramatic career change as well," said Jones. "So it seems quite fitting to be somewhat reflective about one's career during Labor Day."
Since President Grover Cleveland signed Labor Day into a national holiday in 1885, Labor Day has been a patriotic day when Americans took time to celebrate the greatest economy and standard of living in the World. However, according to documents recently released by the U.S. Department of Labor and the U.S. Census, many believe American's have forgotten the original intent of Labor Day -- "a day to be a celebration of how America's workforce added materially to the highest standard of living and the greatest production the world has ever known and has brought us closer to the realization of our traditional ideals of economic and political democracy."
"With these inspiring words from the founders of the Labor Day observance, and a 100 years of celebrations in our country's history, perhaps Americans can still enjoy their day off from work, enjoy their picnics with hot dogs and apple pie, but also give thought to their own employment situation just as the early revelers most surely did 100 years ago," added Jones.
"The changes we are seeing in many industry sectors present a unique opportunity for Americans to reinvigorate their careers," said Jones. "As of May 2007, we are talking about half the American population -- 152.8 million
people (age 16 and over) who comprise the nation's labor force. This includes 82.1 million men and 70.7 million women."
"Even with unemployment comfortably low in the U.S., the job market is changing," said Jones. "There are now incredible job opportunities in new industry sectors that are growing at astonishing rates. Consider Voice Over Internet Protocol Providers (VoIP), a new industry created only five years ago that now leads the nation in job growth (57.3 percent in 2006)." Added Jones, "You can contrast the VOIP) industry players with industry sectors that have existed for more than 100 years and helped build America's infrastructure. For example, the industry player that came in second with 45 percent job growth was the Concrete Pipe, Brick and Block Manufacturing industry.
The top 20 industry sectors that created the most new jobs in 2006 are ranked in the following chart:
Rank Industry Sectors Top 20 Job Growth in 2006 2006 Growth 1 Voice Over Internet Protocol Providers (VoIP) 57.3% 2 Concrete Pipe, Brick and Block Manufacturing 45.0% 3 Ice Cream and Frozen Dessert Manufacturing 39.9% 4 Fruit and Vegetable Canning, Pickling and Drying 18.8% 5 Coffee and Tea Manufacturing 18.1% 6 Breakfast Cereal Manufacturing 15.0% 7 Frozen Food Manufacturing 14.3% 8 Electronic Shopping and Auctions 12.3% 9 Bridge and Tunnel Construction 11.6% 10 Water Well Drilling Contractors 9.1% 11 Metalworking Machinery Manufacturing 8.6% 12 Metal Tank (Heavy Gauge) Manufacturing 8.3% 13 Web Search Portals 8.3% 14 Electronic Shopping and Mail-Order Houses 8.0% 15 Lumber, Plywood, Millwork and Wood Panel Wholesalers 8.0% 16 Mining and Oil and Gas Field Machinery Manufacturing 8.0% 17 Roofing, Siding and Insulation Material Wholesalers 8.0% 18 Marine Cargo Handling 7.8% 19 Structural Steel Erection Contractors 7.4% 20 Sports and Recreation Instruction 7.4% Source: IBISWorld, Inc.
While many Americans are concerned about jobs being outsourced to China or India, the data shows that there is steady growth in jobs in the United States and we are keeping pace - and even growing.
The employment opportunities range from unskilled jobs to positions requiring advanced degrees. In this analysis, IBISWorld reports that jobs in the field of VoIP grew by 84.1 percent in the past five years, followed by Emergency and Other Relief Services, which grew by 18.6 percent, followed by Dating Services, which surprisingly grew by 15.3 percent.
There were 17 other industry sectors that grew over the past five years in the range of 7.2 percent to 14.1 percent: These rankings follow on the next chart on the following page.
Rank Industry Sectors With Top 20 Employment by Average Five Year Growth Growth* 1 Voice Over Internet Protocol Providers (VoIP) 84.1 % 2 Emergency and Other Relief Services 18.6 % 3 Dating Services 15.3 % 4 Mortgage and Non-mortgage Loan Brokers 14.1 % 5 Financial Transactions Processing & Clearinghouse Activities 14.1 % 6 Web Search Portals 13.2 % 7 Roofing, Siding and Insulation Material Wholesalers 11.6 % 8 Other Services to Buildings and Dwellings 10.2 % 9 Educational Support Services 9.6 % 10 Cosmetics, Beauty Supplies and Perfume Stores 8.8 % 11 Record Production 8.4 % 12 Cable and Other Program Distribution 8.3 % 13 Cable Networks 8.2 % 14 Remediation Services 8.0 % 15 Promoters of Performing Arts, Sports events with Facilities 8.0 % 16 Lumber, Plywood, Millwork and Wood Panel Wholesalers 7.8 % 17 Sports and Recreation Instruction 7.7 % 18 Electronic Shopping and Auctions 7.3 % 19 Services for the Elderly and Persons with Disabilities 7.3 % 20 Forest Nurseries and Gathering of Forest Products 7.2 %
This chart provides the top 20 Industry Sectors ranked by the number of employees engaged in these industries:
Rank Top 20 Industry Sectors Ranked by Employment Numbers 2006 1 Elementary and Secondary Schools 7,422,538 2 Public Elementary and Secondary Schools 6,146,000 3 General Medical and Surgical Hospitals 5,031,987 4 Full-Service Restaurants 3,982,367 5 Limited-Service Eating Places 3,754,109 6 Colleges, Universities and Professional Schools 2,846,900 7 Temporary Help Services 2,693,584 8 Offices of Physicians 2,434,285 9 Offices of Specialist Physicians 2,134,658 10 Employee Leasing Services 2,109,374 11 Supermarkets and Other Grocery (except Convenience) Stores 1,952,079 12 Accounting, Tax Preparation, Bookkeeping and Payroll Services 1,939,163 13 Religious Organizations 1,891,346 14 Commercial Banking 1,722,580 15 Nursing Care Facilities 1,650,812 16 Child Day Care Services 1,527,747 17 Computer Systems Design and Related Services 1,521,448 18 Department Stores 1,439,500 Chart Sources: IBISWorld, Inc.
In addition to employment growth data, IBISWorld recently released a Labor Force Participation Rate Report. Highlights of the report indicate strong job market confidence in the economy as more individuals enter the job market in the belief that employment opportunities are higher than now than they were five years ago.
In 2005, the employment rate improved from 5.5 percent to 5.1 percent. Over 2006, the employment rate continued trending down recording a fall of 0.5 percentage points to a record of 4.6 percent over the year.
IBISWorld reports employment figures will remain fairly steady and forecasts the unemployment level in the U.S. to improve even more to 4.4 percent in 2007 or 2008 as the economy bounces back during the next 18 months.
At the same time, a continuing domestic issue for the American economy is the outsourcing of jobs to countries such as India and China, and this may affect the employment rate (participation rate) in a number of industry sectors. However, Professional employment, and employment in the services and tourism sectors are set to skyrocket in the coming decade which may offset the negative factor imposed by outsourcing jobs to foreign markets.
According to a recently released historic National Unemployment Level report that includes data from 1980 and projections though 2112, IBISWorld is forecasting national unemployment will continue to remain steady as shown in the graph linked below:
(Photo: http://www.newscom.com/cgi-bin/prnh/20070820/AQM084)
"By any measure, the American labor force is poised for significant opportunities for positive employment, with both old and new job classifications, and will likely experience a sense of financial security as the country's job market continues to evolve," said Mr. Jones. "On this Labor Day, American's have a lot more to look forward to than a day off the job or an end-of-summer picnic. Between now and 2012, the opportunities are certainly there for the taking. And that is something the American worker can truly celebrate."
About IBISWorld
Founded in 1972, IBISWorld provides a unique and extensive online portfolio of business research and analysis products designed to serve a range of business, professional service and government organizations. Delivered through enterprise subscriptions, the company publishes in-depth reports on more than 700 industries and offers profiles on more than 8,000 U.S. companies. In addition, the company provides databases of economic analysis, demographic data, and risk assessment reports relevant to virtually every business sector. IBISWorld's materials are valued for the breadth and depth of the research and analysis covering the entire U.S. economy, incorporating both financial and non-financial information impacting tracked industries and companies. IBISWorld Business Information is well known for its accuracy, consistency and timeliness. This is why almost all online information aggregators seek us out to include our reports as part of their global databases. Current IBISWorld partners include Hoovers, Valuation Resources, Superfactory and American Small Business Development Centers. With U.S. headquarters located in Los Angeles, IBISWorld has offices in New York, Melbourne, and Sydney. For more information, visit http://www.ibisworld.com/ or call 1-800-330-3772.
CONTACT: Harvey Jones, Senior Vice President of IBISWorld, Inc., +1-310-866-5029, Fax: +1-310-496-1596, harveyj@ibisworld.com, or Todd E. Appleman, President of The Appleman Group, +1-323-850-7664, Fax: +1-323-850- 7663, Cell: +1-213-447-7662, tappleman@tag-pr.com
Web site: http://www.ibisworld.com/
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