job market overview macro to micro 10.10
DESCRIPTION
Job Market overview prepared for accounting students at the University of San Francisco. Covers "macro to micro" view of job market in late 2010TRANSCRIPT
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Job Market Overview
Lisa Groover
Senior Account Manager
Ajilon Finance
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Overview
• Macro to Micro
– What is happening to the global economy?
– In the US?– In California?– In the Bay Area?– For Recent Grads?
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Global Unemployment
0 2 4 6 8 10 12 14 16 18 20
Japan
UK
Italy
Canada
US
Germany
France
Spain
South Korea
Co
un
try
Nam
e
Percent Unemployment
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Global Issues
• Global Economy = Jobless Recoveries for US?
• CFOs worry about:– Trade deficit, currency devaluations– H1B Visa availability
• Global labor market – Outsourcing transactional functions– Lack of quality control
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U.S.A.
• Current Unemployment Rate: 9.6%
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U.S. Unemployment
• For a detailed breakdown of unemployment rates per demographic segment see: http://www.bls.gov/news.release/empsit.nr0.htm
• SBA loans, lending environment better
• Good updates this week
• Bank stocks up– Good earnings reports
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Who is winning?
• Manufacturing/Construction *Gov’t incentives- accelerated depreciation of equipment
• Leisure & Hospitality • Accounting • IT/Tech • Healthcare• Temporary
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And who is losing?
• Retail
• Legal
• Construction/manufacturing
• Architecture & engineering
• Finance
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Where Will US Jobs Grow?
• Auto Industry
• Temporary
• Financial Services
• HealthCare
• IT/Tech
• Green Sector??
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California… the Golden State?
• 12.4% unemployment• High pockets of
unemployment in San Joaquin Valley, Inland Empire
• Election-time stagnation
• Business Climate
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California Continued
• Hub industries: IT, Engineering, Finance/Accounting
• Manufacturing: Los Angeles
• Financial Services: San Francisco
• HealthCare: All Regions
• Tech: Bay Area
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Locavore
• San Francisco Metro Area
• SF Unemployment: About 10.4%
• Leisure & Hospitality, Technology, Healthcare and Financial Services
• Jobs are being created in San Francisco
• Start-ups: Social Media, SaaS, IaaS
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New Grads
• Degreed candidates about ½ of unemployment rate
• Improvement in job availability, not in job pay
• Big 4 = Big Cuts in early 2010
• What does $10K mean to you?
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More for New Grads
• By 2020, ¾ of accountants will reach retirement age
• Top Three Areas of Growth/Need– Accounts Receivable/Collections, Revenue– Financial Analysis– Regulatory Accounting
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Takeaway
• Improvement is happening
• San Francisco Bay Area poised to take advantage of most growth opportunities