Where Will All the New Jobs Come From?

Edward Harrison Credit Writedowns March 23, 2010

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Consider this: Despite a rising population, non-farm payrolls in the United States are lower than they were a decade ago.

The unemployment challenge is not just cyclical, it is secular. Sectors of the economy with a challenge include (click on images to enlarge):

Over the near-term at least, none of these sectors of the economy is likely to power the next upturn in employment. So, when I say that this is looking like a structural issue (see here and here), you can see what I mean. I know these numbers are all backward looking. But, I don’t see any of these sectors jumping off the table right now as a job growth engine.

Where will all the new jobs come from? If you say healthcare, I’m with you.

And the data also point to the federal government as well.

Any other thoughts?

Source

Seasonally Adjusted Non-Farm Payrolls, Historical Data – Department of Labor

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