Industries come and go. Sometimes new technologies increase productivity and reduce employment. These same technologies can create new possibilities for job growth in other sectors. Changes to international trade policy can bring new goods to the market and make people’s dollars go farther, but can depress the number of goods produced in the United States. National and global recessions can also drag down employment figures, only for the figures to rebound when the economy recovers.
This week we compiled employment information across twenty sectors going back to 1996. You can look at all twenty sectors by scrolling to the right. If you are on a PC or Mac, you can use your arrow keys to scroll. Recession years are marked in red.
You can see some industries were severely impacted by the recession of 2008-2009. Construction, finance, professional services, and retail were all adversely affected by the recession. Retail is recovering quickly, but still approaching pre-recession levels. Construction, finance, and information have yet to recover. Some industries like health care, education, and the hospitality industries continued to grow despite the recession. Manufacturing jobs continue to fall, in good times and in bad, since at least the 90s, although the losses seem to have slowed since 2012.
Feel free to explore the charts yourself. We'll see you next week with more information about New Jersey's economic sectors.