The above industry chart shows how major industries have been impacted since March of 2010. It is clear that the sector hit the greatest is government, with 356,000 jobs having been lost in a 12 month period. The government sector was harder hit than even construction, financial activities and information combined. The March 2010 figures are approximately one year after the American Recovery and Reinvestment Act (ARRA) or “stimulus package” was signed into law. If we remember correctly, it took some time for the funding to be released and to catch speed. ARRA was applied to infrastructure projects such as roads/transportation, education, healthcare, loans, grants, and workforce development programs. ARRA also provided 288 billion dollars worth of tax incentives to both businesses and working families.
It is clear that job growth is on the rise, with the decreased national unemployment rate and the newly decreased CA unemployment rate, the economy looks to be slowly coming back on track. According tot he Department of Labor, the sectors with the highest growth in the past twelve months are professional and business services, health and educational services, and manufacturing. It is clear that the private sector is experiencing the bulk of the job growth, not the public sector.
The outlook for employment looks promising, Secretary of Labor, Hilda Solis is expected to provide a more detailed analysis of this report, no release date of such an analysis was provided.
Daniel Newell
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