Assignment Module 8
Choose three industries that you are interested in pursuing a career. These industries should be something like consumer packaged goods, power tools, pharmaceuticals, etc., rather than something like sales, advertising, or marketing. Next, locate three sources in general business publications or websites plus two government sources that you can use to forecast employment opportunities. This exercise will require some thought on your part as to what information could be used to forecast employment and what sources are available. In your paper, compare and contrast the opportunities in each industry.
For this assignment I chose three industries that I feel would be a good choice to pursue a career in. I have made this selection based on the future employment forecast by different source in these industries. The three industries that I chose are: whole sale trade, financial services and retail trade industries. I will discuss all of these industries one by one in reference to the governmental and general business sources I researched.
I used the following sources to write this paper.
- Bureau of Labor Statistics
- Bureau of Economic Analysis
General Business Publications:
- National Association of Wholesale Distribution
- PWC Global
- Vend HQ
Whole sale trade industry
The whole sale industry is going to increase in its intake of employs on the national level according to the statistics provided by the Bureau of Labor Statistics (“Industry employment and output projections to 2024”). According to these statistics, the whole sale trade industry has provided jobs to 5826 thousand people and in 2024 this number is going to increase to 6151.4 thousand people indicating an overall increase of 0.5%.
National Association of Wholesale distribution has predicted an increase of 2% in the wholesale industry over the coming few years. They have predicted that this increase would not turn downward until either 2018 or 2019 (“About the Wholesale Distribution Industry – About NAW,”).
The overall contribution of whole sale trade industry to the GDP is estimated to witness an increase of 8.4% in the first quarter of 2016 as compared to 2015(“BEA: News Release: Revised Gross Domestic Product by Industry,”). This is a good sign as for as the wholesale industry is concerned. This is also a good news for those who want to get an employment in this industry.
Financial services industry
According to the Bureau of Labor Statistics, the financial services industry is going to witness and increase of 0.6% till 2024 (“Industry employment and output projections to 2024”). In 2014 financial services industry provided jobs to 7979.5 thousand people while in 2024 this industry will be providing jobs to around 84.86 thousand people.
According to the data provided by the Bureau of Economic Growth the contribution of financial services industry is going to positively affect the overall GDP of the US (“BEA : News Release: Revised Gross Domestic Product by Industry,”). In the first quarter of 2016, the contribution of this industry is going to increase 12.4% compared to 2015.
2015 has seen an overall increase in the provision of jobs in the financial services market all over the world. Thought in the las quarter the banking sector has seen some decrease in the employability of the banking sector, the building societies and life insurance sectors witnessed a positive change CBI/PwC Financial Services Survey – December 2015,”).
Retail trade industry
This is one of the growing industry in the US. In 2014 this industry employed 15364 people which will increase to 16129 in the year 2014 according to the Bureau of Labor Statistics (“Industry employment and output projections to 2024”). This is an increase of 0.5%.
The retail trade industry did not make a significant improvement when it comes to contribution to the National GDP. It is therefore, not included in the list of industries that would contribute to the expected 3.9% increase in the real GDP.
Vend HQ has predicted positive trends for the retail industry. They have made their claims based on the improved payment methods that have been introduced in the retail market. According to Vend HQ, the introduction of PayPal Chip Card, Apple Pay, Android Pay and Samsung Pay will increase the volume of the retail industry (“Retail Trends and Predictions 2016 | 12 Retail trends and predictions to watch for,”) hence providing an increased job opportunity more than ever.
The above statistical data and facts can be used to conclude that the overall economy of US is improving and there would be an increase in job opportunities in many sectors including the industries that I discussed. My personal preference would be to go into the wholesale industry. The main reason behind this decision is the opportunity of starting my own small business after some experience in the wholesale industry.
About the Wholesale Distribution Industry – About NAW. (n.d.). Retrieved from https://www.naw.org/about/industry.php
BEA: News Release: Revised Gross Domestic Product by Industry. (n.d.). Retrieved from http://www.bea.gov/newsreleases/industry/gdpindustry/gdpindnewsrelease.htm
CBI/PwC Financial Services Survey – December 2015. (2015). Retrieved from http://www.pwc.co.uk/industries/financial-services/insights/cbi-pwc-survey.html
Industry employment and output projections to 2024: Monthly Labor Review: U.S. Bureau of Labor Statistics. (2015). Retrieved from http://www.bls.gov/opub/mlr/2015/article/industry-employment-and-output-projections-to-2024-2.htm
Retail Trends and Predictions 2016 | 12 Retail trends and predictions to watch for. (2016). Retrieved from https://www.vendhq.com/university/retail-trends-and-predictions-2016