Business Journal: Slower Job Growth Expected
The already-slow job growth in the Sacramento area will look even more dismal over the next year, according to a new report.
Monday, May 12, 2008
Job growth in the region is at its lowest levels since the early 1990s. This comes from a new report by the Sacramento Regional Research Institute. The institute expects .2 percent job growth during the next year, compared to .5 percent last year. In a healthy economy, job growth usually hovers around 2 or 3 percent. The credit crunch, declining consumer spending and the flailing housing market are pounding the region. The hardest hit job areas are ripple effects from the subprime fallout. Jobs in construction have declined, as well as jobs in the trade, transportation and utility sector. One of the few sectors growing is natural resources and mining, which includes forestry, fishing and hunting. However, this sector makes up a tiny fraction of the work force.