It Is Where The Jobs Are…The Service Sector [AUDIO]

The service sector of the economy continues to struggle, and that accounts for most of the jobs out there.

Economic analyst Patrick O’Keefe of J-H Cohn in Roseland says the service sector lost about a million jobs in retail when the slowdown hit. He says services such as transportation and warehousing also were hit.

O’Keefe says other service sector components that have fluctuated include leasure and hospitality. He says that has been growing recently, but it was hit pretty hard in the economic downturn. While also admitting services are somewhat resilient, O’Keefe adds that also means hiring and firing can occur very quickly, depending on the business.

He says when people stop spending money, financial services slow down. And of course, there is the stumbles by real estate and the insurance industries. O’Keefe says they are all part of that huge service sector of the jobs market.