Palladian Career Resources

Industries in Demand

National Unemployment and State Unemployment is only one facet of our employment picture.  Each industry faces a slightly different situation and the unemployment characteristics reflect this.

Manufacturing:  5.3% unemployment.  Looking at the data a little closer, unemployment in Petroleum and Coal Products is 0.2%.  Given the price of oil, it's not surprise that anyone in that industry can find a job as oil companies try to expand production.  Furniture and Fixtures is a different story with 8.5% unemployment.

Unemployment is the health care field is also low, with 1.4% unemployment in hospital professionals.

Beverage and Tobacco production has a 9.7% unemployment rate, and Food Services professions are at 8.6%. 

Finally, the financial industry has an unemployment level of 3.7%.  That sounds great, and it is for many, but a loan officer or mortgage broker will probably find it tough to get a job right now.

Each industry has a different situation, and the situation varies by geography.  Smaller communities are more dependent on a small group of employers.  If one of these runs into trouble, it can hurt the entire community. 

* Statistics from U.S. Department of Labor, Bureau of Labor Statistics

Hardest Hit States

Although some parts of the country have low unemployment, some are finding less jobs and more job seekers.

Four states and the District of Columbia are experiencing unemployment over 6%.

State	Unemployment Rate
District of Columbia	6
Rhode Island	6.1
California	6.2
Alaska	6.7
Michigan	6.9

Where Are The Jobs

The national unemployment rate has been climbing.  Despite this, some parts of the country have very low unemployment.

In April 2008, there were 16 states with unemployment under 4%:

State	Unemployment Rate
South Dakota	2.6
Wyoming	2.6
Idaho	3.1
Nebraska	3.1
North Dakota	3.1
Utah	3.1
Oklahoma	3.2
Hawaii	3.3
Iowa	3.5
New Mexico	3.5
Virginia	3.5
Delaware	3.7
Maryland	3.7
Montana	3.8
New Hampshire	3.8
Arizona	3.9

U.S. Department of Labor Bureau of Labor Statistics

Unemployment - A Historical Perspective

The news is full of reports about how unemployment is rising and the economy is slowing.  Despite the slowing in the economy, the situation is far from dire.  Below is a graph from the U.S. Department of Labor showing unemployment from 1948 to May 2008. 

 

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It is clear that unemployment is on the rise.  In March 2007, there were 1.75 million fewer unemployed than today.  For each of those individuals, times are tough.

Despite this, our unemployment rate, 5.5% last month, is far from being high relative to the historical peaks. 

The good news is that there are opportunities out there.  The challenge is that there will be more competition for them, and it will take more work and a longer time to land an opportunity