10 industries that will lose the most jobs over the next decade
In last week's U.S. unemployment data from the Labor Department's Bureau of Labor Statistics was the following prediction: The 10 U.S. industries that will face the biggest job losses over the next 10 years. (Specifically, from 2008 to 2018.)
The ranking is based on the raw number of jobs the BLS predicts to be lost, not the percentage drop in the sector's employment rate, but I'll include that too. Here they are:
1. Department stores: Will lose 159,000 jobs, or 10.2 percent of their workforce.
2. Semiconductor and other electronic component makers: Will lose 146,000 jobs, or 33.7 percent of their workforce.
3. Auto parts manufacturers: Will lose 101,000 jobs, or 18.6 percent of their workforce.
4. U.S. Postal Service: Will lose 98,000 jobs, or 13 percent of its workforce.
5. Printing businesses: Will lose 95,000 jobs, or 16 percent of their workforce.
6. Cut and sew apparel makers: Will lose 95,000 jobs, or 57 percent of their workforce.
7. Newspaper publishers: Will lose 81,000 jobs, or 24.8 percent of their workforce. (Ouch!)
8. Support businesses for mining: Will lose 76,000 jobs, or 23.2 percent of their workforce.
9. Gas stations: Will lose 75,000 jobs, or 8.9 percent of their workforce.
10. Wired telecom businesses (think pay phones): Will lose 73,000 jobs, or 11 percent of their workforce.
-- Heck of a time to hear this, with the official U.S. unemployment rate at 10 percent and the truer rate over 17 percent.
-- No surprise that department stores are losing businesses to big-box category-killers and online shopping, nor should it be a surprise that chip-making is moving offshore.
-- Consider the size of the auto parts sector if 101,000 jobs is only 18.6 percent of the workforce.
-- The drop in USPS employment comes from two reasons: The Postal Service has lost package delivery to FedEx and UPS and has lost letters and bills to e-mail and online billing.
-- Paper information -- books, magazines and yes, newspapers -- continues to slide, which will be good news to the tree-huggers.
-- I thought the only state where people still worked at gas stations was New Jersey, where self-service is illegal. Seriously, increased auto reliability and quick-oil-changes chains continue to eat away at gas station employment.
-- Think about it: When was the last time you used a pay phone? And if you have a land line home phone, do you use it for anything besides DSL?
-- Frank Ahrens
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December 15, 2009; 2:55 PM ET
Categories: The Ticker | Tags: FedEx, U.S. Postal Service, UPS, job losses, unemployment
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