AT A GLANCE

  • The engineering industry is expected to grow by 5%, finance/accounting by 7%, and legal by 2%
  • U.S. unemployment will stay close to the current 7.9 percent rate in 2013 but gradually decline to 7.2 percent by the end of 2014
  • U.S. economy output will slowly rise from 1.9% to 3% by the fourth quarter of 2013

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Jan 01, 2013

Employment Projection in 2013

The Engineering industry is expected to grow by 5%, Finance and Accounting by 7%, and Legal by 2%.

U.S. unemployment will stay close to the current 7.9 percent rate in 2013 but gradually decline to 7.2 percent by the end of 2014, according to the UCLA Anderson Forecast’s fourth and final quarterly report of 2012.

The outlook predicts that the U.S. gross domestic product will grow at less than a 2 percent annual rate through mid-2013. After that, the forecast expects growth to pick up and exceed 3 percent for most of 2014 with housing activity leading the way. By the end of the forecast period, inflation is expected to be above the 2 percent target, bringing an end to the zero-interest-rate policy that has been in place since late 2008.

2013 Major Industries Contributing to Employment

 2013 Major Industries Contributing to Employment

Source: UCLA Anderson Forecast and Staffing Industry Analysts

Projection: Top 10 Industry to Grow (Employment) in 2013

Projection: Top 10 Industry to Grow (Employment) in 2013

Employment Outlook in 2013

According to Matt Ferguson, the CEO of CareerBuilder, the “U.S. will produce the most jobs in 2013 is likely to follow growth patterns of the last few years”, especially that of 2012 onwards. 

Professionals such as software developers and computer analysts in IT-related jobs, and sales representatives in wholesale, along with scientific trade positions are likely to see an improvement.  People with technical degrees, such as mechanical or industrial engineering and logistics, are also expected to see a positive trend for employment. 

As per an economic panel and forecast, the U.S. economy output will slowly rise from 1.9% to 3% by the fourth quarter of 2013.  Growth in employment is expected at a steady rate.

In spite of a few challenges emerging from the recovering economy, a few sectors will continue to boom, such as contract and temporary help services and the service sector.  As per the National Restaurant Associations (NRA) Restaurant Industry Forecast for 2013, America’s over 980,000 restaurants are expected to have record sales in 2013 with a close to 4% increase from 2012.  This will continue to be one of the largest job creators in its segment, which is close to 13.1 million workers engaged in 2013.

The Department of Labor (DOL) had a budget request in FY 2013 of $12 billion in discretionary budget authority and 17,419 full-time equivalent employees (FTEs).  This request is to support the Secretary of Labor’s vision of “good jobs for everyone”, as discussed in detail in the DOL’s Strategic Plan.  The Plan is an outline of the DOL’s strategic and outcome goals over fiscal years 2011 to 2016

Top 10 Industry (month-over-month) growth in Employment (2010-2012)

Top 10 Industry (month-over-month) growth in Employment

“It’s important to remember more than 1.3 million private sector jobs have been created this year and business conditions point to continued modest job growth,” ~ Scot Melland, chairman, president and CEO of Dice Holdings.

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