The economy has lost 463,000 jobs so far this year, primarily related to the housing market correction. The economy is going through a major adjustment, as the economy transitions from 70% consumer driven to something else.
The good news is that America is the best place in the world to start a business. The freedoms of the US economy along with the legal system provide the best competitive advantage in the world. If any nation was to suffer a recession, the US is best equipped to produce the fastest recovery.
Where are the new jobs?
If you are looking for a new job, here is a list of markets that are producing new jobs.
# 1 energy reduction - Changing from oil, lp gas, nuclear, gas - To wind, solar, geothermal, hybrid electric/gas, wood
# 2 farming equipment/ supplies/ fixing equipment / water supplies/ fertilizer
# 3 Internet / enterprise software – weak dollar increase outsourcing costs/ value proposition of enterprise software is very high
# 4 health care/pharmaceuticals – continue to support the boomers and global growth
# 5 consumer gardening tools/ supplies/ equipment
# 6 home repairs / siding / roofing / garage upgrades / painting – support housing boom
# 7 office workers working from home – more efficiency/more productive/save gas and auto expenses
# 8 increase in government regulations / mortgage / compliance solutions
# 9 military spending / military equipment contracts in the billions
#10 law suits relating to lost money in stocks/bonds/financial sector
The government is likely to expand its funding to many of these markets to help stimulate job growth, which is good and bad. Good because more jobs will be created, bad that more people will be working for the government. The government already employs about 23% of the employed. During times of recession, government created jobs only provide the illusion of growth, while the money to create the jobs has to either come from increase taxes or an increase the money supply or an increase in the national debt. Historically, governments expand during times of recession – the problem is governments rarely decrease during economic growth because nobody wants to disrupt anything.
If you are looking to change careers by finding a new job in a new market, then I suggest looking at a Technical College. Because of the drastic price increases in many of the four year universities over the last decade, many of the Colleges have become a bad investments. The return on investment is much shorter at a two-year Technical College and a higher percent of the graduates begin working upon graduation because most of the programs are based on current market needs.