Finance Globe

U.S. financial and economic topics from several finance writers.
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Census Bureau: 2010 Employers Declined Less Than Year Before

The total number of employers fell in the U.S. in 2010 for the third consecutive year in a row - but at a slower pace than earlier years, according to a government report released on Tuesday.

There were 7.4 million U.S. businesses with paid employees in 2010 - a decline of 36,800 establishments from the year before, according to the U.S. Census Bureau. From 2008 to 2009 there was a decline of 168,000 establishments.

In 2010, total employment from all sectors was 112.0 million, a decline of 2.5 million employees from 2009. In comparison, between 2008 and 2009 there was a decline of 6.4 million employees.

“This year's release of the County Business Patterns shows the overall decline in employment is slowing,” said William G. Bostic Jr., associate director for economic programs at the Census Bureau. “In contrast, 2009 coincided with the height of the recession and showed higher declines in employment and establishments.”

Between 2009 and 2010, Alaska was the only state that had an increase in employment, up 0.7 percent in that period. All other states saw their employment fall, led by Wyoming’s decline of 4.5 percent.

Out of the top 50 counties in the U.S. (by number of establishments) Los Angeles County, California experienced the largest drop in total annual payroll with a decline of nearly $2 billion - a 1.1 percent decline from 2009. The only county showing an increase was Kings County, New York, with an increase of 4,400 employees from 2009.

By sector, construction had the largest percentage of establishments shut their doors - dropping 4.2 percent from 2009 to 2012. The finance and insurance industry had the next highest percentage decline with a 3.2 percent decline, followed by manufacturing which fell 2.9 percent.

Utilities and health care were the industries to see the largest increases in employer establishments; both rose 1.7 percent from 2009. Educational services followed with a 1.5 percent increase, closely followed by the hospitality sector with a 1.4 increase in establishments.


Source:
U.S. Census Bureau
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Friday, 23 August 2019

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