Where the Jobs Aren't

Submitted by Rich Toscano on July 20, 2009 - 5:14pm

Last week we learned that the region lost almost 55,000 jobs between June 2008 and June 2009. The chart below indicates how largest San Diego sectors fared over that time period:

That chart looks a lot different from older versions in which the bubble-related sectors were the only ones racking up the big losses.

continue reading at voiceofsandiego.org

(category: )

Submitted by Zeitgeist on July 20, 2009 - 6:11pm.

Wow. Government is getting bigger in San Diego. I don't think it is just the military either.

Submitted by DWCAP on July 20, 2009 - 9:41pm.

Just so I know, where does Research Scientist for a pharma company fit in? Professional services?

Submitted by Rich Toscano on July 20, 2009 - 10:05pm.

DWCAP wrote:
Just so I know, where does Research Scientist for a pharma company fit in? Professional services?

I assume it would be health care, but I've had terrible trouble actually mapping real life jobs to the BLS supersectors, so that's just a guess.

Rich

Submitted by DWCAP on July 20, 2009 - 11:22pm.

Rich Toscano wrote:

I assume it would be health care, but I've had terrible trouble actually mapping real life jobs to the BLS supersectors, so that's just a guess.

Rich

Makes you wonder what is really happening in those supersectors doesnt it? It isnt like I am the only guy in the third largest pharma/biotech research cluster in the US. I know I am not, I work with a few others in my own damn company. It should be easy to find/classify people like us.

Submitted by CA renter on July 21, 2009 - 3:36am.

DWCAP,

You seeing anything promising in your sector? We have a few friends in biotech, and they say it stinks right now. From everything we're hearing/seeing, that sector is down, too.

Submitted by evolusd on July 21, 2009 - 7:31am.

Interesting considering the amount and pace of job losses that HOME PRICES ARE GOING UP. Something fishy is going on...

Submitted by urbanrealtor on July 21, 2009 - 10:08am.

evolusd wrote:
Interesting considering the amount and pace of job losses that HOME PRICES ARE GOING UP. Something fishy is going on...

I think the fishy bit is what Jim Klinge was talking about at the forum (as well as something else).

Specifically, the highest tier of properties is finally getting desperate and dropping prices.

The increased volume in this tier raises the overall median price county wide.

The something else is that those who waited to buy (due to prudence, poverty or whatever motivation) during the boom, are now gobbling up everything well-priced in the lowest tier. As time goes on, the higher priced items get gradually purchased and that drives up the mean price of standing inventory.

So, I think thats the "increase": higher priced cheap things and cheaper high priced things.

Submitted by DWCAP on July 21, 2009 - 3:22pm.

CA renter wrote:
DWCAP,

You seeing anything promising in your sector? We have a few friends in biotech, and they say it stinks right now. From everything we're hearing/seeing, that sector is down, too.

On the down side, a lot of companies have been imploding reciently, so it is really hard no matter what. The job fairs for biotech are apparently just MOBBED right now. I just spoke with a rep and he told me that he doesnt know of one company in the bay area that is activly trying to fill more than one position. People are just being very picky right now about who gets hired and if they really need them anyways.

On the bright side my company is gonna do its best year ever, and that is before we factor in the fact that we just got our latest compound approved. It is good to work for a company that actually sells drugs, instead of just trying to find something and get bought out like so many companies do here is SD.

Submitted by CA renter on July 21, 2009 - 4:44pm.

Congratulations on the success of your company! :)

It's good to see somebody doing well right now.

Submitted by DWCAP on July 21, 2009 - 7:07pm.

Thanks. :) I wish it really was MY company, but I am just glad I have a stable job.

IMO, we are gonna see a shake out in this industry. The people who are just living on prayers, promises, stock IPO's and loans are gonna be hurting for a long time. Those that actually have drugs/tech to sell will do very well. My prediction is that the next bubble is in Healthcare.

Submitted by SanDiegoDave on July 22, 2009 - 9:42am.

It's interesting that they lump education and health care into the same sector. They're two totally different industries. Education should be a category of its own, but if it needed to be lumped in with anything it really should be government.

DWCAP... I too have theorized that we are in a health care bubble that is due to pop. I work for a profitable biotech as well (we may even work for the same one, but I won't publish the name here). But between hospitals that are barely running a profit and so many research firms that are hanging on by a "prayer", the outlook is grim. Something is going to give.

Submitted by DWCAP on July 22, 2009 - 10:46am.

SDdave,

For better or worse, I have a feeling that we are only in the early stages of a health care bubble. Americans need to learn how to take care of themselves, and not expect a doctor to be able to cure a lifetime of unhealthy living with a shot, a pill, and a lollypop. Grow up people. Sadly I think we will have to learn how to take care of ourselves the same way we had to learn how to budget and save for the future right now. (ie the invisible hand gives us 'the shocker')

There is legit demand growth as baby boomers age coming, so it isnt all a bubble. EVER increasing amounts of your tax dollars will be going to health care in the next few decades, and that is before we add on what Obama wants. It is just that more and more we will demand more health care, and be willing to pay for less and less for it. Eventually it will blow up in our faces.

Submitted by Rich Toscano on July 22, 2009 - 11:48am.

SDD, I had the same thought (unfortunately AFTER I finished all the graphs). Next time I will break down the health/education sector into its component parts. Offhand I think education was about flat for the year and health was up a bit.

Rich

Submitted by poorgradstudent on July 24, 2009 - 1:17pm.

It's pretty sad that the sector that caused this mess, the Financial services sector, doesn't really seem to be suffering >:(

Also, I hope Biotech is doing well, as a recent PhD graduate I need a job! :)

Submitted by poorgradstudent on July 24, 2009 - 1:19pm.

DWCAP wrote:
My prediction is that the next bubble is in Healthcare.

"Healthcare" is a pretty big umbrella. The Boomers keep getting older, and need more Doctors, nurses, and homecare workers. Nursing is still one of the fields where you move to a new city and get multiple job offers instantly. So that area of healthcare seems more like a true growth industry, not a bubble.

Submitted by JerseyGrl on July 27, 2009 - 8:16pm.

Biotech in San Diego? Mostly pretty bad:

http://www.voiceofsandiego.org/articles/...

Submitted by DWCAP on July 28, 2009 - 12:00am.

That story can be summed up pretty quickly, actually in about 5 words. "NO DRUGS ON THE MARKET". In a decade, they never got anything on the market, that was their downfall. The companies who sell nothing, and just keep refinancing their 'potential' will do very badly in the next few years. Companies that sell will be ok, assuming their managment isnt terrible (sadly, not uncommon).

Submitted by mixxalot on July 30, 2009 - 10:19am.

I agree.

Most illness is caused by either poor diet, lack of physical activity ie) exercise, lack of sleep or a combination of these factors. Case in point: obesity. Americans eat too much junk food and drive their cars instead of walking or doing physical activity. I cured myself recently from a muscle illness with natural herbs that cost me $10. Compare that to the expensive pharmaceutical pills that the drug company wanted me to pay $200 for that cause nasty side effects.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.