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A Decade Of Jobs - How The Recession Reshaped The US Economy (In 8 Charts)

Tyler Durden's picture




 

Five year after the Great Recession ended and the percentage of the pouplation employed continues to languish near its crash lows - despite seasonally-adjusted jobs data signaling the re-creation of 9 million jobs. However, as The NY Times illustrates in this massively impressive chart series, not all industries have 'recovered' equally.

 

Via The NY Times,

Each line below shows how the number of jobs has changed for a particular industry over the past 10 years. Scroll down to see how the recession reshaped the nation’s job market, industry by industry...

A Mixed Recovery

Industries in the health care and energy sectors grew substantially over the last five years, while jobs in real estate and construction continued to shrink. Industries that paid in the middle of the wage spectrum generally lost jobs.

More Bad — and Good — Jobs

Americans often lament the quality of jobs today, and some low-paying industries — like fast food, where annual average pay is less than $22,000 — are growing. But so are some high-paying sectors, such as consulting, computing and biotech.

The Medical Economy

The middle-wage industries that have added jobs are overwhelmingly in health care. Labs, home-care providers and dentist offices all pay between $18 and $29 an hour on average — and all have grown. But these gains have not offset losses in other middle-wage industries, such as airlines and construction.

A Long Housing Bust

Home prices have rebounded from their crisis lows, but home building remains at historically low levels. Overall, industries connected with construction and real estate have lost 19 percent of their jobs since the recession began — hundreds of thousands more than health care has added.

Made in America

Manufacturing has bounced back somewhat, adding 362,000 jobs since the recession ended. Labor-intensive industries that face global competition, like clothing production, fared worst, while higher-paying jobs in export-heavy industries, such as aerospace and medical equipment, have done better.

Black Gold Rush

While it took a hit from the recession, oil and gas extraction — and its associated jobs — have been booming, transforming economies in resource-rich places like West Texas and North Dakota. Many of these industries have average salaries above $70,000.

Digital Revolution

Bookstores, printers and publishers of newspapers and magazines have lost a combined 400,000 jobs since the recession began. Internet publishers — including web-search firms — offset only a fraction of the losses, adding 75,000 jobs. Electronic shopping and auctions made up the fastest-growing industry, tripling in employment in 10 years.

Grooming Boom

In the midst of recession, Americans held on to simple luxuries — for themselves and their pets. Nail salons, which made up one of the most resilient industries, were closely rivaled by pet boarding, grooming and training.


Click here for massive fully interactive version...

 

And then there's this...

 

Mission Accomplished

 

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Thu, 06/05/2014 - 19:46 | 4828505 ACP
ACP's picture

Looks like a bunch of economic spermatasms.

Thu, 06/05/2014 - 20:07 | 4828555 infinity8
infinity8's picture

Yeah like the movie screen that is the inside of my eyelids when I try to go to sleep.   -_- . . .   o_O

Thu, 06/05/2014 - 21:18 | 4828730 SafelyGraze
SafelyGraze's picture

these graphs are pretty good, but would be a lot better if the lines could be made thinner

Thu, 06/05/2014 - 21:39 | 4828767 NidStyles
NidStyles's picture

That is actually you looking at your blood capillaries.

Thu, 06/05/2014 - 21:43 | 4828776 infinity8
infinity8's picture

Well, yes, I'm aware Nid. I just prefer the starburst, spirograph, fractal displays if I'm usin' my imagination.

Fri, 06/06/2014 - 04:15 | 4829258 OldPhart
OldPhart's picture

Same thing with me.  YOU have to be over fifty.

 

Thu, 06/05/2014 - 19:51 | 4828520 Goldilocks
Goldilocks's picture

Beverly Hillbillies Theme Song
http://www.youtube.com/watch?v=NwzaxUF0k18 (0:53)

Thu, 06/05/2014 - 20:35 | 4828618 Platinum
Platinum's picture

Come and listen to a story about a man named Jed
A poor mountaineer, barely kept his family fed,
Then one day he was shootin at some food,
And up through the ground came a bubblin crude.

Oil that is, black gold, Texas tea.

Well the first thing you know ol Jed's a gun totin' terrorist,
The Presstitutes said "Jed, just another racist"
Said "six feet under is the place you ought to be"
So they loaded up the SWAT truck and took his property.

Shills, that is. Sycophant pols, wannabe movie stars.

Thu, 06/05/2014 - 19:56 | 4828530 Relentless101
Relentless101's picture

A lot of manufacturing in the red. Tell me why again our governement is still pushing that shit? It's like trying to fill a cup with no bottom. Makes no fucking sense.

Thu, 06/05/2014 - 23:12 | 4828967 seek
seek's picture

Union jobs means union votes.

Thu, 06/05/2014 - 20:01 | 4828542 NOTaREALmerican
NOTaREALmerican's picture

Plus all the people working off-the-books, I guess.    

Thu, 06/05/2014 - 20:15 | 4828573 Seasmoke
Seasmoke's picture

Drug dealing. Prostitution. Bookmaking. Maybe a lemonade stand.

Thu, 06/05/2014 - 21:08 | 4828702 infinity8
infinity8's picture

Baby lesbian Girl Scouts and their delicious fucking cookies!

 

Thu, 06/05/2014 - 20:18 | 4828584 I Write Code
I Write Code's picture

wtf are those charts supposed to show?  that you haven't hired anyone who knows how to draw them?

Thu, 06/05/2014 - 21:03 | 4828690 FreedomGuy
FreedomGuy's picture

Ah, the charts! These charts are not for mere mortals. No. They are for the economic shamans employed by government and selected hedge funds. They can only be divined by those specially trained in mystical economic arts. They will be read much like the bones are read by priests at the Oracle of Delphi. For a few pieces of gold they will probably tell you what you want to hear.

Thu, 06/05/2014 - 21:40 | 4828770 NidStyles
NidStyles's picture

Sure, send me some gold and I will tell you anything you want to hear :-)

Thu, 06/05/2014 - 20:23 | 4828590 Platinum
Platinum's picture

Nail Salons also sell weaves. Weaves are expensive.

https://www.youtube.com/watch?v=UrJamE_hcck

Thu, 06/05/2014 - 20:41 | 4828634 kellycriterion
kellycriterion's picture

Not to worry I've solved the PLOYMENT CRISIS.

1. Unemployment. Never a popular word, it has morphed from a temporary setback, to a symbol individual failure and societal decay.

2. Deployment. Once associated with initiative and vigor, it is now inextricably entwined with perpetual war, death, destruction, and medical devices.

3. Employment. Also had very positive associations at one time. Now with the labor participation rate, part time jobs, minimum wage jobs, seasonal adjustments, illegal aliens it's viewed with suspicion, skepticism, and derision.

Clearly PLOYMENT words are destined for obscurity. Further shrinking vocabulary and already minimal communication skills.

That's why I've created DUHPLOYMENT. The handy, friendly, catch phrase to denote

Thu, 06/05/2014 - 21:13 | 4828716 FreedomGuy
FreedomGuy's picture

What I would like to see, and post if I could would be a chart of net employement and I would break it down into government and private. Correct it for the cut in hours and splitting of jobs due to Obamacare. Next, put a chart of net income in the private sector over the same period. The government sector does not matter since it feeds off the private sector.

We know what these charts would look like. They would both be sharply down in the last recession and flat in the recovery.

Now, put a chart of the stock market over the top of these charts and tell me how the stock market is still related to the economy. Try to convince me.

Thu, 06/05/2014 - 21:21 | 4828735 FreedomGuy
FreedomGuy's picture

I should add that if you looked at the government sector, particularly Federal you would see income still growing with their guaranteed annual raises and promotions from GS4 step 2 to step 3. You would see numbers of government employees growing as well.

I personally hate the way we calculate GDP. It is a farce and full of errors that favor government. Government spending is counted the same as private sector,yet the government is completely dependent on the private sector in the form of taxes and borrowing. It is like a cowboy riding a strong horse and counting the weight of both as a measure of a vibrant economy. The truth is that if the cowboy gets as big as the horse, nothing good is going to happen.

This is why trillions in stimulus has produced virtually nothing. It is not doing anything in the private sector. It is just growing government.

Thu, 06/05/2014 - 22:00 | 4828821 infinity8
infinity8's picture

Many +'s. You said a mouthfull. https://www.youtube.com/watch?v=glb2U6y-GdU  - Cowboy, Baby. They're trying to rope us all.

Fri, 06/06/2014 - 05:16 | 4829291 FreedomGuy
FreedomGuy's picture

I can't prove it but that video tips it's hat to the old movie Smokey and the Bandit. The old Trans Am and the 18 wheeler are nearly identical. That was one of the all time great Americana movies. It had a bit of that rebellious but likeable bad boy that we enjoy in the USA.

Thu, 06/05/2014 - 21:47 | 4828793 AdvancingTime
AdvancingTime's picture

The implications of poor job creation are massive. The biggest may be that a huge number of people are dropping from the work force. Often these people have little in the way of savings, this means that the burden of caring for them will be transferred to society.

If to many people shift into this category we will slowly wear down through attrition. Finding a fair way to share and balance the work load that goes on every day may be one of the most important problems facing our modern world. Not discovering a solution to this dilemma bodes poorly for our consumer driven economy and adds to the toxic problem of inequality. More on theimplications of poor job creation in the following article.

http://brucewilds.blogspot.com/2013/09/implications-of-poor-job-creation...

Fri, 06/06/2014 - 06:55 | 4829337 what's that smell
what's that smell's picture

like a plane crash where everybody dies a horrible death except a cute puppy with perfect nails and a shiny coat.

what a beautiful article! there is hope.

Thu, 06/05/2014 - 22:59 | 4828930 NaN
NaN's picture

Every recession since 1982 has seen employment take longer and longer to recover. It stands to reason we would eventually reach the point of employment never recovering.

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