Job growth has been concentrated in three sectors: health care and education, professional and business services, and leisure and hospitality sectors. In the past two years employment in these sectors have grown more than twice as fast as the rest of the economy and accounted for more than 3/4 of job growth.
Employment in the past two years increased by 3.4 million overall, and by:
- 1.18 million jobs in Professional and Business Services
- Over 500,000 of these jobs have been in Temporary Help Agencies.
- 595,000 jobs in Leisure and Hospitality
- Over 420,000 of these jobs were in Restaurants
- 806,000 jobs in Health Care and Education
- Home Health Care Services and Outpatient Care Centers are growing three times faster than the rest of the sector
There is no indication that these trends are about to change. Over the past three months employment in these sectors accounted for 2/3 of the net new jobs created. In addition, these sectors account for three out of five private sector job openings. Job openings in leisure and hospitality have seen the largest increase – up 53% from one year ago.
Traditionally, employment in construction and durable goods manufacturing rebounds the most during economic recoveries. During this recovery, however, construction employment has not increased in two years. Moreover, employment in restaurants has increased more in the past two years than employment in all durable goods industries combined.