BizVoice -- March / April 2018

March/April 2018 – BizVoice/Indiana Chamber 53 SERVICE SECTOR CHANGES Source: Bloomberg Businessweek; Bureau of Labor Statistics data. Employment data are averages for first four months of 2017; losses are from comparison to the same period in 2016 While coal mining job losses were 5.5% in the first four months of 2017 compared to a year earlier (and that figure was just 2% for department stores), the total number of retail jobs disappearing was much higher as department stores employ approximately 25 times more workers. Job loss discussions typically focus on manufacturing and industrial processes. In 2016, services accounted for three- fourths of the job losses among more than 350 private economy sectors. Source: Bloomberg Businessweek; Bureau of Labor Statistics data Top Job-Losing Subsectors (January-April 2017) 0 5 10 15 20 25 30 Wired telecommunications carriers Department stores Sporting goods/musical instrument stores Electronics stores Clothing stores Newspaper, book/directory publishers Semiconductors/ electronic components Spectator sports Aerospace products/parts Printing/related support activities –27.2K –26.8K –15.5K –15.0K –14.4K –14.0K –10.9K –10.7K –10.4K –10.2K The retail industry alone accounted for four of the five subsectors with the biggest losses in the first four months of 2017, compared with the same period a year earlier. n Goods n Services n Retail Job Losses in Department Stores vs. Coal Mining Department Stores 2017 employment: 1.28M 26.8K jobs lost Coal Mining 2017 employment: 50.6K 2.8K jobs lost