On June 24, initial unemployment numbers increased to 429,000, according to the US Labor Department, the 11th straight week over the magic number 400,000 -- below that and employers are adding jobs faster than they shed them, and above that, well, we've been there for the last couple of years.
The bright spot is manufacturing, which ramped up as companies refilled their depleted inventories. Employment in that sector is at 11.7 million jobs in May 2011, up 1.4% from May 2010 according to the US Bureau of Labor Statistics, but only about 9% of the total US non-farm workforce (compared to 31% back in 1950). The decline can be traced to not only better automation technology, but cheaper manufacturing costs -- even including transportation -- overseas.
Oddly enough, the manufacturing industry is about to shrink even more if it can't find more qualified workers. As noted in the VCF Retail Bulletin article: NumBytes 9: Readin', Writin', and Manufacturing, 2.7 million of those 11.7 million manufacturing workers are 55 years old or older -- and that's a big hole to fill over the next 10 to 15 years as they retire. The National Association of Manufacturers' program to goose standards at community colleges may work, but if the suppliers intend to keep supplying, they might consider an older source of new skilled employees -- union apprenticeship programs.
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