Many people I speak with are skeptical that the labor market recovery is real and sustainable. It’s true that the 573,000 net new payroll jobs created year-to-date is merely a down payment on the 8.4 million jobs lost in 2008 and 2009, but the trend is moving in the right direction.
A particularly hopeful sign is that new business creation surged to a 14-year high in 2009. “Challenging economic times can serve as a motivational boost to individuals who have been laid-off to become their own employers and future job creators,” according to the Kauffman Foundation, the study’s author.
What kinds of jobs are being created? Moody’s Economy.com reports that the following sectors will see the biggest percentage gains in jobs added this year:
- Medical Services
- Industrial Services
- Computer Software & Services
- Environmental Services
- Retail Stores – General
- Medical Supplies
- Retail Stores – Specialty Lines
The American free enterprise system is working as advertised.
Have a great weekend.
Source: Robert Bach, SVP, Chief Economist , Grubb & Ellis , 312.698.6754