In
January, 243,000 new private-sector jobs were created, bringing the
unemployment rate to 8.3 percent. While these numbers aren’t exactly
cause to pop the champagne corks just yet, they do offer evidence that
the worst of the recession may be behind us, and better times may lie
ahead.
People returning to the workforce are unlikely to see the same job market that they knew before the recession. Some industries were hit harder than others, and while some jobs will make a return engagement in the want ads, some of the lost jobs may never come back.
It’s impossible to say what a fully recovered U.S. economy will look like, or how long it will take to get there. However, some sectors have begun to hire again. Read on to see which industries are showing signs of bouncing back.
Franck Fife | Getty ImagesHospitality
The hospitality sector was hit hard by the economic downturn. In tough times, belts tighten, and the first thing on most families’ chopping block is anything that requires disposable income. An upturn in this sector could be a sign that the economy is turning around.
"The conventional wisdom suggests that key fundamentals should be on the wane, but that has not happened yet and, due to many factors, we don't believe it will occur in 2012," said Michael Fishbin, leader of Ernst & Young's global hospitality services. He attributes this to the rate of new U.S. hotel construction, which has been less than half of its historical average in recent years.
“Hotel supply is not going to outpace demand any time soon, giving fundamentals such as room rates and overall occupancy a chance to further recover," he said.
Jeff Kowalsky | Getty ImagesAutomotive
When the recession struck, the automotive sector was hit hard, and opinion was divided on whether or not to bail out ailing companies like Chrysler and General Motors. The companies were rescued, but they were restructured in exchange, to the understandable skepticism of many. However, by 2011, both companies were back on their feet.
General Motors’ sales had increased 13 percent, led by such products as the Chevrolet Cruze, the Silverado and the GMC Sierra. Meanwhile, Chrysler’s sales increased by 26 percent. President Barack Obama, speaking from the Washington Auto Show in February 2011, hailed the bailout as a success. “We are now back in a place where we can compete with any car company in the world.”
Paulo Fridman | Getty ImagesFranchising
According to the International Franchise Association, franchise businesses should begin to recover in 2012, after three years of growth that had been muted by the recession. This conclusion is based on the findings of a report from IHS Global Insight, an economic analysis and global information company.
The tough economy has been a drag on the franchising sector. Low consumer spending and tightened credit standards have slowed the expansion of existing franchise businesses and the formation of new ones. The study says improving conditions should cause the number of franchise businesses to grow during 2012.
[Also see: Four Health Care Careers That Promote Healthy Living]
Jason Aldean | Getty ImagesManufacturing
In December, the general economic index of the Federal Bank of Philadelphia increased to 7.3, its highest point in three months. This index measures activity in the region that includes Delaware, southern New Jersey and eastern Pennsylvania, an area that was badly affected when the manufacturing sector was hit in the recession.
The data provided by the general economic index indicate that the manufacturing industry has begun to hire again. However, the new hiring isn’t limited just to this region. For example, the Illinois-based unit of industrial connector manufacturers Harting Deutschland GmbH said it was likely to hire 20 workers in 2012 after doubling the workforce to 120 since the recession.
“We have a couple of large orders that we’re negotiating on in the broadcast and medical industries,” CEO Rolf Meyer said. “These will likely hit in the next five or six months.”
Chris Hondros | Getty ImagesConstruction
According to a survey by the American Institute of Architects, a 6.4 percent spending increase on construction is projected for 2013. This is expected, at least in part, because of increased construction spending on commercial properties, hotels and industrial plants.
Corporate profits have returned to their prerecession levels, which means that construction projects put on hold during the recession have begun to be green-lighted again. A 2.1 percent increase in spending on nonresidential construction was forecast by the American Institute of Architects as a result.
Click here for the full list of Industries That are Bouncing Back.
People returning to the workforce are unlikely to see the same job market that they knew before the recession. Some industries were hit harder than others, and while some jobs will make a return engagement in the want ads, some of the lost jobs may never come back.
It’s impossible to say what a fully recovered U.S. economy will look like, or how long it will take to get there. However, some sectors have begun to hire again. Read on to see which industries are showing signs of bouncing back.
Franck Fife | Getty ImagesHospitalityThe hospitality sector was hit hard by the economic downturn. In tough times, belts tighten, and the first thing on most families’ chopping block is anything that requires disposable income. An upturn in this sector could be a sign that the economy is turning around.
"The conventional wisdom suggests that key fundamentals should be on the wane, but that has not happened yet and, due to many factors, we don't believe it will occur in 2012," said Michael Fishbin, leader of Ernst & Young's global hospitality services. He attributes this to the rate of new U.S. hotel construction, which has been less than half of its historical average in recent years.
“Hotel supply is not going to outpace demand any time soon, giving fundamentals such as room rates and overall occupancy a chance to further recover," he said.
Jeff Kowalsky | Getty ImagesAutomotiveWhen the recession struck, the automotive sector was hit hard, and opinion was divided on whether or not to bail out ailing companies like Chrysler and General Motors. The companies were rescued, but they were restructured in exchange, to the understandable skepticism of many. However, by 2011, both companies were back on their feet.
General Motors’ sales had increased 13 percent, led by such products as the Chevrolet Cruze, the Silverado and the GMC Sierra. Meanwhile, Chrysler’s sales increased by 26 percent. President Barack Obama, speaking from the Washington Auto Show in February 2011, hailed the bailout as a success. “We are now back in a place where we can compete with any car company in the world.”
Paulo Fridman | Getty ImagesFranchisingAccording to the International Franchise Association, franchise businesses should begin to recover in 2012, after three years of growth that had been muted by the recession. This conclusion is based on the findings of a report from IHS Global Insight, an economic analysis and global information company.
The tough economy has been a drag on the franchising sector. Low consumer spending and tightened credit standards have slowed the expansion of existing franchise businesses and the formation of new ones. The study says improving conditions should cause the number of franchise businesses to grow during 2012.
[Also see: Four Health Care Careers That Promote Healthy Living]
Jason Aldean | Getty ImagesManufacturingIn December, the general economic index of the Federal Bank of Philadelphia increased to 7.3, its highest point in three months. This index measures activity in the region that includes Delaware, southern New Jersey and eastern Pennsylvania, an area that was badly affected when the manufacturing sector was hit in the recession.
The data provided by the general economic index indicate that the manufacturing industry has begun to hire again. However, the new hiring isn’t limited just to this region. For example, the Illinois-based unit of industrial connector manufacturers Harting Deutschland GmbH said it was likely to hire 20 workers in 2012 after doubling the workforce to 120 since the recession.
“We have a couple of large orders that we’re negotiating on in the broadcast and medical industries,” CEO Rolf Meyer said. “These will likely hit in the next five or six months.”
Chris Hondros | Getty ImagesConstructionAccording to a survey by the American Institute of Architects, a 6.4 percent spending increase on construction is projected for 2013. This is expected, at least in part, because of increased construction spending on commercial properties, hotels and industrial plants.
Corporate profits have returned to their prerecession levels, which means that construction projects put on hold during the recession have begun to be green-lighted again. A 2.1 percent increase in spending on nonresidential construction was forecast by the American Institute of Architects as a result.
Click here for the full list of Industries That are Bouncing Back.
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