JMC Live September 3, 2008 Rod Williams Ext. 8583
[email protected]
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Intro
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Job Market Consultant – Connecting you to work opportunities in real time (50% external networking activity) Corporate Recruiters Search Firms Professional Organizations A Real Time Interactive Job Market Update for NYC Metro Clients Added Value Job Market Intelligence LHH NYC
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Discussion… Recap
Of The NYC Job Market
Employment
Trends & Hiring
Variables?!?!?!? Q 10/17/08
&A LHH NYC
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NYC Job Market Recap
Unemployment: Unemployment NYC decreased to 5.0% from 5.4% and up from 5.3% 2007 (5 Boroughs – 5.4%, 5.3%, & 5.8%) Job Growth Private Sector grew 22,700 jobs (+0.7%) Non-farm jobs up 23,400 jobs (+0.7%) NYC (not all bad news…) while losing 30,000 jobs Statewide unemployment – 5.4% Nationwide unemployment – 5.7%
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Most Jobs Added… Added
Leisure & Hospitality (+8,800)
Information (+7,400)
Administrative and support services buildings, dwellings, and employment services.
Government
Religious, grant-making, civic, professional, and similar organizations, personal & laundry services
Professional & Business Services (+600)
Gains due to existing building projects and the search for renewable energy sources
Other Services (+1,700)
Increase reflected retail trade, especially building material and garden equipment stores.
Natural Resources, Mining, and Construction (+2,700)
Mostly seasonal gains at colleges, universities, and professional schools.
Trade, Transportation & Utilities (+6,700)
Gains due to motion pictures, sound recording and telecommunications
Educational & Health Services (+7,300)
Increase was centered in arts, entertainment, food services, and drinking places.
Large scale cutbacks looming…
Financial Activities (-5,100)
Increased over the month with most gains in commercial real estate and rental and leasing.
10/17/08 Manufacturing
(-7,400)
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Employment Market Outlook
STRO NG FORE CA STS
MOD ERA TE OR MIXE D FORE CA STS
10/17/08
Accounting/Auditing/Compliance (SOX), Risk Management IT & Web services (Networking Staff, Application Developers, & Database Mgrs) – Vista Renewable Energy Healthcare & Education Insurance Telecommunications – wireless vs. landline Entertainment/Media (Interactive & Non-traditional) Commercial & Investment Banking & Securities Information (Movies & Sound vs. Print, Network TV & Radio)
WEA K F ORE CAST S Real Estate & Mortgage Banking Retail LHH NYC
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NYC Hiring (a diverse mix)…
Interpublic Group (advertising 2010 Census contract $250-300M) Bronx Terminal Market (5K perm. & 2K constr.) Turner Construction (Yankee Stadium 900 perm. & 3.6K constr.) IKEA (500 positions.) Nordstrom, Target, J.C. Penney, Kohl’s NYC Industrial Development Agency (Brooklyn & Queens – 6 companies = 150 positions) [DCD Marketing, Excellent Poly, Safe Art SAT & 3 woodworking cos.] Yeled V’Yalda Early Childhood Center (100 positions) LuluLemon Athletica (athletic clothing retailer 5 locations) Port Authority NY/NJ – 200 customer care jobs & 70 new airport stores Steiner Studios (550 positions) Sivercup Studio ($1B complex) & Kaufman Astoria Studio ($20M) Hospitality: 50 new hotels over next 2 years (+12,000 rooms) Delta Airlines (major expansion @ JFK) Federal Express (100 positions)
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Flip Side of the Coin… Coin 10/17/08
Wachovia & Bank of America Altria Citigroup, JP Morgan Chase, Lehman Brothers, American Airlines Morgan Stanley, Merrill Lynch, Goldman Sachs Health Insurance Plan of Greater NY Bank of America Disney Publishing moving to White Plains Sony BMG Newsweek Time Warner Credit Suisse Pfizer AXA Insurance NBC Universal Avon MTV Networks LHH NYC
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Variables…
National Economic Outlook
Recession, Inflation, Slowdown… Continued Real Estate pricing slide… Sub-prime Lending fallout continues… Volatile Markets (Oil) & Domestic Auto Industry Job Search competition
M&A and Investment Slowing (valuation, hunting for bargains) More consolidation (airlines, IT, financial services)
Technology Integration Vista, Leopard, Safari, Google LinkedIn, Naymz, Fox Interactive (My Space) Ad revenue decline (Web)
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Recessionary Employment The Bottom Line...
“Patience is a virtue” Real Unemployment (10.3%) Unemployment is likely to grow by 2-3% No strategic absolute effect on companies… Some
heavily involved with banks will be more vulnerable Some will see the market as more “affordable” All will be more cautious
Government will likely become involved…
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Search Strategies
From the source:
Michael Page International Kulwinder Verma – Dir HR Division Marta Pateiro – Specialist Recruiter
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Q & A…
Industries?
Occupations?
Functions?
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Thank You…
Additional workplace topics…
Keep reading the JMC Report online: http:// www.esnips.com/web/LHHNYCJMC
You can review today’s and previous JMC Live presentations online: http://www.esnips.com/web/LHHJMCLive
Michael Page International
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