Industries that Don’t Recover Affect Coral Gables and Florida
September 10, 2010 Leave a comment
There are some messages in this article that are relevant to Coral Gables and South Florida. Some of the key industries that will not recover in the foreseeable future include: state and local government; construction; installation, maintenance and repair; newspapers; realtors; bank tellers; airline employees; big telecom; pharmaceuticals; and automotive manufactures.
It has become clear that jobs in some industries may never come back or if they do it will take years or decades for a recovery. 24/7 Wall St. examined the Bureau of Labor Statistics’ “Employment Situation Summary” and a number of sources that show layoffs by company and sector. The weakness in these sectors will make it harder for the private industry, even aided by the government, to bring down total unemployment from 9.6% and replace the 8.3 million jobs lost during the recession. The losses in these industries have to be offset by growth in others before there can be any net increase in American employment.