Where the jobs are and who’s being hired?
NEW YORK — (CNNMoney) — Nearly three million jobs. That’s how many positions employers added last year in the nation’s best year for job growth since 1999. The hiring was widespread.
Business & professional services, fueled by temporary staffing positions, led the way with the most jobs created in 2014.
Healthcare also added many positions, particularly at doctor’s offices and home health care agencies.
Who’s landing the jobs?
Last year proved to be a good year for blacks and Latinos looking for work. They saw stronger employment growth over the past 12 months than whites.
Black men led the way, with a six percent increase in the number employed.
That’s not surprising, says Valerie Wilson, labor economist at the Economic Policy Institute, since whites usually see larger gains earlier in economic recoveries. Those with lower levels of education and higher unemployment rates benefit later.
“Workers left to take available jobs tend to be workers of color because they are more likely to be on the margins,” she said.
The share of black and Latino workers participating in the labor market has increased since last December, while the rate slipped slightly for whites.
The news is not all good, however. Blacks and Latinos still have far higher unemployment rates than whites, at 10.4 percent, 6.5 percent and 4.8 percent, respectively.
Young adults getting hired
More young adults, age 25-34, were employed last year than they have been since the turn of the century. These folks had a particularly tough time landing jobs in the Great Recession and in the early years of the recovery.
More older workers also saw strong job growth, though that’s partly demographic. The tail end of the Baby Boomers are entering their 50s, and many in this generation are staying on the job longer, pushing up employment rates for this age group.