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State of the Job
Market Columns |
March 31, 2003
By Brian McCullough, Head Writer,
ResumeWriters.com
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As always, this column and our data is provided by the
professionals at ResumeWriters.com.
Learn how we collect our data here.
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The start of Gulf War II has brought about the
anticipated major shifting among some industries in our state of the job
market data. Our writers report a flood of newly-laid off clients in some
impacted industries. In others, the anecdotal data is beginning to show a
virtual ice-age of frozen-hiring.
Most notably, the
Aerospace/Airline
industries and the Entertainment/Hospitality industries suffered the
largest drops in this month's data. Aerospace/Airline had been dropping
precipitously in recent months, as the war seemed to loom larger. Much of the
industry talk, even 3 months ago was that 2-3 of the major carriers were in
dangerous financial straights. It has been rumored for several months that a
war in Iraq lasting any longer than 6-8 weeks (with the commensurate drop in
bookings and higher fuel prices) might push as many as 3 of the major carriers
into Chapter 11. As it has become clear that this war will not be over any
time soon, the picture has gotten worse. While layoffs have apparently not
begun in any large numbers (in comparison to 18 months ago) our writers have
reported a large volume of industry professionals updating their resumes in
anticipation of the worst case scenario. Certainly, hiring among the airlines
is dormant at best.
The Aerospace Industry remains relatively
unchanged, but still sluggish. Clearly, bankrupt carriers will not be ordering
new airplane construction. And any bankruptcies would flood the market with
used airlines as the assets of bankrupt carriers would be liquidated. This
industry may experience a severe slump in the months to come.
While still stronger, comparatively, than the
airlines, the Entertainment/Hospitality industry suffered a similar sharp
decline. The war has begun in the height of the booking season for summer, and
especially overseas trips. Clearly, with no visibility concerning the length
of the war, bookings have been way down, according to our clients. Empty
hotels and cruise ships mean the normal seasonal hiring has not begun.
Additionally, the
Industrial/Import/Export
sector has seen a sharp drop. Our writers report that clients are noticing a
definite "wait and see" posture across all industrial sectors, and especially
among import/export. While layoffs seemed to have cooled this year, there is
likely a hesitancy to make significant new hiring moves, because of the war,
and the uncertain strength of the economy, even after was has been concluded.
Still, the industry remains comparatively strong.
Education/Teaching
continues the slide
we've been reporting for several weeks now. Though the drop has been
incremental, the cumulative effect on this usually steady and stable sector is
becoming significant.
On the other side of the coin,
Customer
Service/Retail is surprisingly strong at the end of March. After the large
numbers of layoffs immediately after the disappointing Christmas season, our
clients are reporting surprising success landing jobs. Whether this is due to
excessive layoffs that are being corrected for, or the retail market is simply
stronger than commonly believed... is unclear.
Additionally,
Marketing/Advertising has
checked in with a handsome rebound. The concern for several weeks has been
that the war would severely cut into advertising spending, especially on
television and broadcasting. Clients that were coming to us last month in
anticipation of tough times ahead are reporting that their jobs may not be in
jeopardy anymore. Local markets still seem to be cold, but the nation
advertising market seems to be rebounding, and perhaps continuing the slight
growth that had been reported at the beginning of the year.
Insurance continues it's slow but steady
movement toward being an industry of strength. See previous reports for
speculation about the reasons for this.
Law Enforcement/Public Safety remains
among the strongest of all industries. The budget concerns that have been
harming other Education and Government sectors seem to be passing over this
industry. It seems that if any public or private investment is being made in
this economy, it is going to security and safety concerns.
Biotech/Science
and
Healthcare/Medical both continue to be the strongest, most resilient
sectors according to our experience. Our clients not only report the most
successes finding work in this industry, they also report the shortest
time-to-hire and easiest job searches.
The
Trades/Construction industry
continues it's decline. Is this the end of the housing boom? Keep in mind,
however, it is falling from quite a height, so the industry still seems
exceptionally strong, in relation to other industries.
The seasonal upswing in
Student/Recent Grad
client volume means we are beginning to get a better sense of the strength of
the job market for those entering it for the first time. We should have a
better handle on this in a few weeks, but preliminarily, we can report that
the market, historically cold, is perhaps firmer than some would expect.
The
above reporting is taken from polled evidence and personal impressions, collected from the career
professionals at ResumeWriters.com.
ResumeWriters.com does not collect or share personal data
from it's clients. Information reported is of a macro, and not personal
nature.
Learn more about how we collect our data
here.
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