BLS Handbook Is Must Read for Job Hunters
Guide Projects Hot and Cold Jobs for 90 Percent of US Occupations
May 25, 2009
Choked up credit worldwide – coincident with the subprime mortgage fiasco – and stifled consumer spending from a recession have cast a pall over hiring by employers. Blue chip companies that have been financial icons of the nation’s commerce for many years are tumbling down like card houses.
US Economy Has Lost 5.7 Million Jobs
As a result, lower corporate expectations have caused employers to order massive layoffs. Since the recession began in December 2007, the US economy has lost 5.7 million jobs, according to the Bureau of Labor Statistics The Employment Situation: April 2009.
In a closely related manifestation of the turmoil, slimmer profit margins by many businesses have caused postponements of employee pension contributions and put in jeopardy many retirement benefits that workers have been counting on. On May 20, the Pension Benefit Guaranty Corp. (PBGC) announced a deficit of $33.5 billion, in its reserve fund.
BSL Occupational Outlook Handbook gives Job Seekers the Big Picture
Undoubtedly, the times are fraught with uncertainty. They are times when job seekers, whether in the workforce presently or planning to enter soon, are well advised to take a fresh look at finding the best job and career opportunities emerging from the globalized financial chaos.
To help them accomplish this, the Labor Department’s Bureau of Labor Statistics (BLS) publishes a valuable resource tool. It’s called the Occupational Outlook Handbook or OOH in fed-speak. The current 2008-09 edition represents its 60th year of publication.
Guide Provides Detailed Information on Hundreds of Occupations
BLS releases the book biannually in four editions: hard (cloth) cover, soft cover, CD and the interactive Internet version. The Internet edition comes out in late December of the year of publication, while the print editions are distributed in spring.
Occupational Outlook Handbook provides detailed information about hundreds of occupations, covering 9 out of 10 jobs in the economy. For each occupation, the Handbook highlights key occupational characteristics, followed by sections about the nature of the work and work environment, requirements for entry and opportunities for advancement, employment of salaried and self-employed workers, earnings, related occupations, and sources of additional information – BLS press release announcing its newest edition.
BLS Stands By Their Numbers in the 2008-09 Edition
The 10-year projection of changes in job opportunities over a decade is a highlight that will give any job hunter a better sense of the playing field. Obviously, a great deal can happen to upset assumptions in projections 10 years into the future. But this writer learned in an interview with a BLS analyst that staff researchers monitor their expectations between publication dates, and update expectations through interim publications and press releases. Furthermore, they stand by their numbers presently.
It is noteworthy that the ten occupations expected to grow fastest are service-oriented jobs, while the ten expected to decrease fastest are weighted toward manufacturing. This mirrors the fact that the US economy is now a service economy, versus the dominant manufacturing work place of a few years ago. According to the Bureau of Economic Analysis (BEA), services comprise 42 percent of GDP, versus 27 percent for manufacturing.
Top Ten Occupations Increasing Jobs Fastest by 2016
- Network Systems and Data Communications Analysts (+53.4%)
- Personal and Home Care Aides (+50.6%)
- Home Health Aides (+48.7%)
- Applications Computer Software Engineers (+44.6%)
- Veterinary Technologists and Technicians (+41.0%)
- Personal Financial Advisors (41.0%)
- Theatrical and Performance Makeup Artists (+39.8%)
- Medical Assistants (+35.4%)
- Veterinarians (+35.0%)
- Substance Abuse and Behavioral Counselors (+34.3%)
Top Ten Occupations Increasing Number of Jobs by 2016
- Registered Nurses (+587,000)
- Retail Sales Persons (+557,000)
- Customer Service Representatives (+545,000)
- Combined Food Preparation and Serving Workers (+452,000)
- General Office Clerks (+404,000)
- Personal and Home Care Aides (+389,000)
- Home Health Aides (+384,000)
- Postsecondary Teachers (+382,000)
- Janitors and Cleaners, except Maids and Housekeepers (+345,000)
- Nursing Aides, Orderlies and Attendants (+264,000)
Top Ten Occupations Decreasing Jobs Fastest by 2016
- Photographic Processing Machine Operators (-49.8%)
- File Clerks (-41.3%)
- Sewing Machine Operators (-27.2%)
- Electrical and Electronic Equipment Assemblers (-26.8%)
- Computer Operators (-24.7%)
- Order Clerks (-24.3%)
- Lathe and Machine Tool Setters, Operators, and Tenders, Metal and Plastic (-23.3%)
- Bindery Workers (-21.8%)
- Prepress Technicians and Workers (-21.1%)
- Paper Goods Machine Setters, Operators, and Tenders (-18.2%)
Whether a job seeker is just entering the workplace or one who is contemplating a change, the BLS Occupational Outlook Handbook is a treasure trove of information for making an informed decision.
*The writer is a Chartered Financial Analyst (CFA)
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