adecco job market perspective 2009

2009Job market perspectivesAn in-depth look at the current and future state of our labor market.

22009 Job Market Perspectives

What a difference a year makes.

As we neared the end of 2007, warning signs were beginning to emerge of an economic slowdown. In 2008, these signs accelerated and transformedinto a state of volatility and uncertainty for the U.S. and global economies.Many events contributed to make this a reality.


The housing and credit crises continued to mobilize. Gas pricessoared as the cost of oil peaked in the summer at around $140 abarrel. The banking industry wastaken by storm as many reputable,storied banks went bankrupt,merged or required rescuing. The U.S. government approved an historic $700 billion economicbailout. A hard-fought presidentialelection dominated headlines,

bringing long-debated issues like healthcare, immigration andeducation reform back into the national dialogue.

These monumental economic and political developments did nothappen in isolation. In fact, they impacted all of us in our everydayroles as consumers, homeowners,voters, tax payers, and particularlyas workers.

In our 2009 Job Market Perspectives report, we explore the current and future state of our labor market, piecing together where our present reality falls on both global and historic scales.

We will look beyond the numbers to provide a holistic analysis of the national jobs situation and outline where we’re currently seeing job opportunities both by industry and region.


The economics:

The job market switches gears.

From 2006-2008, unemployment rose from just under 5 percent to around 7 percent.

2008 began with an immediate about-face for the U.S. labor market.Following a year where over a million jobs were added to our economy, January2008 marked the first month since the 2001 recession ended in which the LaborDepartment reported declines to payrolls.

This trend would only continue for the rest of the year, with unemployment rising fromjust under 5 percent to around the 7 percentmark combined with over 2 million total job losses for the year.

While these bottom-line numbers representthe sum total of what’s happening nationally,it’s important to dig deeper and look at howthis picture changes vastly by region and by industry, as well as how our job marketcompares to those in other countries.

According to the Organization for EconomicCo-operation and Development (OECD) theaverage global unemployment rate reached6 percent by the third quarter, tying closely to the U.S. average for the same time periodat 6.1 percent. While our rate is weaker than some of our European neighbors likethe UK and Italy, the U.S. continues to be positioned closely to other leading economies,even favorably as compared to Germanyand France.

While unemployment varies widely aroundthe world — Norway’s unemployment is lessthan 3 percent while South Africa is over 20 percent — it is safe to say that the worldcontinues to become more connected and

borders are less defined than ever. The economic slowdown is not only impactingthe U.S., but is being felt globally, with theU.S. job market right in the center of it all.

Global unemployment rates as of August-November 2008

China (as of June) 4.0%Japan 4.2%Russia 5.3%UK 5.7%Italy 6.0%Canada 6.1%U.S. 6.7%Germany 7.2%Brazil 7.6%France 8.0%South Africa 23.2%


The economics:

Looking beyond our borders.


The economics:

Looking backward and forwardto put today in perspective.

While we are certainly living in historic times,just how historic are the current conditionsfrom a job market standpoint? Feelings ofuneasiness and concern certainly intensifywhen the unemployment rate rises beyondthe 6 percent mark, but, over the last 50years, national unemployment has fluctu-ated between a low of 4 percent and a highof 10 percent. So, while this is the highest unemployment rate we’ve seen in quite sometime, it is still substantially lower than the 9 percent experienced during the mid-1970s.

Additionally, when you look at the long-termview, there is more positive news for us toconsider. Data from the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) that tracks expected job openings versusworking population indicates that, in thecoming years, 70 million Baby Boomers willreach retirement age while only 40 million

workers are expected to enter the workforceduring the same period. This means that, by 2015, the U.S. will face a shortage of morethan 10 million workers. Despite the economicconditions, from a pure demographics andpopulation perspective, demand for workerswill be on the rise, creating opportunities in the coming years.

1958 1968 1978 1988 1998 2008

U.S. unemployment rates, 1958-2008

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

10%

9%

8%

7%

6%

5%

4%

3%

2%

1%

Change in nonfarm payrolls in thousands

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec08 08 08 08 08 08 08 08 08 08 08 08

-8 -39-82 -67 -47

-100-67

-127

-403

-320

-533 -524


Election season. 2008 marked one of the most momentous and closely followedpresidential elections in Americanhistory. From the news media to office water coolers around thecountry, people were passionateand highly engaged around the issues and the varying stances presented by each candidate. In fact, 50 percent of Americanworkers admitted to talking aboutpolitics at work according to our2008 Workplace Insights series survey. On November 4, the countryelected Barack Obama as its firstAfrican-American president whileCongress moved to a democraticmajority, emphasizing a generalshift in alignment and focus for theAmerican public. With continued rising unemployment and joblosses, American workers will now be focused on seeing how the new administration can bringgrowth back to the economy and job market.

Pumped-up gas prices. The price of oil was volatile throughout the year and manywere alarmed and concerned when the average price of a gallonof gas rose beyond $4 in the middleof the summer. Prices sharply declined later in the year, but thesetemporary highs were enough to

halt auto sales and keep highwaysand roads across the country lesscrowded than in previous years. In fact, while gas prices tied for third on a list of worries presentedto American workers in 2007, it tookthe top spot in 2008, according toour 2008 Workplace Insights surveyconducted in September 2008 whengas prices were at an all time high.

Credit crisis.The credit crunch, which took formin 2007, boomed right into 2008making it more challenging for consumers to get mortgages,leases and loans. Businesses also had to meet more stringentstandards to secure lines of creditand access liquidity, making bothbusiness maintenance and expan-sion projects more challenging to pursue and execute. The creditcrisis presented particular challengesfor the credit intermediation sectorof the economy, which lost thousandsof jobs in 2008 as credit vehicleslike mortgages, loans and leaseswere harder to come by and solicit.

Passing the bailout.In early October 2008, followingweeks of extensive debate and negotiation, Congress passed intolaw a $700 billion economic bailoutplan meant to rescue and stimulategrowth for the U.S. job market andeconomy. While leaders on Capitol

The economics:

Where we’ve been.


Hill were able to agree on the needfor a bailout, how to spend it is anentirely different issue. Many are divided on which institutions and industries should reap the benefitsof this historic rescue package.From a workforce perspective, the bailout could potentially meanmuch needed relief for those workersin troubled sectors whose employersneed an infusion of cash to helpbring stability back to their business.

Financial services turmoil.The banking industry experiencedone of the most challenging yearsin its history. The subprime mort-gage meltdown, credit crunch andcontinued market meltdown causedmajor financial institutions to file for bankruptcy, merge or requirefederal assistance. In Septemberalone, we witnessed the combina-tion of institutions like JPMorganChase and Washington Mutual,Wells Fargo and Wachovia, andBank of America and Merrill Lynch.

As of December 2008, the industrylost almost 150,000 jobs for the year, showcasing the direct impactof the turmoil on the workforce ofthese institutions.

Auto manufacturing struggles.Following the release of third quarterearnings, the financial woes facingthe country’s auto manufacturerswere showcased in a new light,raising red flags around the indus-try’s ability to maintain itself andbringing the big three auto manu-facturers to Capitol Hill in search of government endorsed financialrelief. Earnings reports revealed justhow much the economic slowdownand credit crisis have impactedAmerican consumers’ resources tobuy cars, hindering manufacturers’access to capital and ability to churnprofits — yielding over 160,000 joblosses in this sector from December2007 to 2008.


Monitoring change.Much of 2008’s election season revolved around the idea of“change.” In 2009, people will be watching closely to measure the effectiveness of the new presidential administration andCongress. These new leaders will be highly scrutinized for theirability to effectively navigate thecountry through the current turmoiland volatility, quickly needing to prove their ability to match campaign promises, improve theeconomy and bring job creationback to America.

“Green Collar” jobs.The worldwide attention paid to global warming has spurred interest in the burgeoning field of “green collar” jobs. A fairly newsegment of the workforce, thesejobs, which support more environ-mentally conscious behaviors andpractices — wind energy, alternativefuels, hybrid car manufacturing, etc. — are expected to grow muchfaster than the national average.Businesses of all kinds are creatingpositions to address sustainabilityissues as a result of legal require-ments and public interest. Further,the government plans to continue to support green job growth in2009. According to a recent studyby the University of Massachusetts’sPolitical Economy Research Institute

(PERI) and the Center for AmericanProgress, which encourages thegovernment to invest some $100 billion in “green” jobs, the countrycould stand to add some 2 millionnew positions to our economy in the coming years as a result of this initiative.

GDP growth.Third quarter 2008 marked the firstquarter in which we experiencedGDP contraction which also continued into the fourth quarter. In addition to the National Bureau of Economic Research officially declaring that the U.S. has been ina recession since December 2007,we are now in a formal recessionwhich hinges on two consecutivequarters of contraction. A major initiative in 2009 will be to stimulateproduction in the country in order to reverse these negative resultsand bring growth back to the American economy as swiftly aspossible. Job creation and GDPgrowth typically go hand in hand,so it will be important to watch howboth indicators shift and impact one another in 2009.

Healthcare reform.While the 2008 election season saw a wide range of issues debatedand scrutinized, one of the most important was healthcare reform.

The economics:

Where we’re going.


With over 17 million Americansclaiming no health insurance, theneed to deliver some sort of plan for reforms is high. 2009 will be an important year to see how thenew administration plans to enactan overhaul of the current system.While the healthcare industry continues to stem major job growth,it will be important to sustain thismomentum to help compensate forother declining industries through-out 2009.

Consumer spending.Throughout 2008, consumer spending continued to weaken,making it an especially challengingholiday shopping season for retailers. In 2009, legislators will be looking for ways to increasecash flow to Americans in order to stimulate spending and enable a new flow of cash to filter into theeconomy. It will be key to see howlegislation forms and where thebailout hits Main Street in order to encourage this process. Withoutthe increase in consumer spending,it will be challenging for the retailjob sector to begin adding morejobs to their payrolls and turnaround the downward trend seen in late 2008.

Regulatory shifts.While the early part of the decadewas rocked by regulatory reformscoming in the form of SOX, thereare new acronyms entering the corporate lexicon — XBRL (data tagging of financial statements) and IFRS (international reportingstandards) — which will create challenges for today’s finance professionals. In recent surveys with the Institute of ManagementAccountants (IMA) the majority of finance professionals feel that their organizations are not preparedfor implementation of either initiative.This will create a challenge for companies and their finance teamsto maintain business as usual andfocus on meeting the current highdemand for their financial analysisskills while, at the same time, realigning their operations to adapt to these major industry shifts.On the other hand, it also increasesdemand for finance talent to helpmanage and implement theseprocesses — a great opportunity for these highly skilled professionals.


Where the jobs are: by occupational sector.

While sectors like manufacturing, construction, financial services and retail have been hit hard recently, it’s still difficult to make generalizationsabout the job market — especially when we still see a strong demand for professionals with higher levels of education and training in sectors like accounting, IT, engineering and healthcare. Here’s our analysis of some of the major sectors of the U.S. job market.


Where the jobs are:

Healthcare

Situation overview.

The healthcare industry continues to be the strongest sector in the U.S.job market. Having added over 2 million jobs since 2001, the healthcareindustry makes up 9.5 percent of the entire workforce, up sizably from8.3 percent in 2000. Throughout2008, the industry continued to addthousands of new jobs each monthdespite the broader labor market turmoil — and this is one trend wedon’t see ending any time soon.

Areas in demand.

The Baby Boomer generation is agingand is helping to keep healthcaregrowing. This generation accounts for nearly 30 percent of the entire U.S. population and, in the comingyears, will be utilizing the healthcaresystem at an especially high rate.Healthcare providers need to preparefor this influx of patients. Staffing upnow is in the right strategic directionfor administrators and will yield theneed across all layers of the industry— from nurses to billers to adminis-trators to doctors.

One important dynamic is the increased pressure for healthcare institutions — from hospitals to doctor’s offices to health insurancecompanies — to better integrate technology into their operations. Projects such as the computerizationof medical records, automated billing,and enhanced prescription trackingare all heightening the need for talentin the industry.

Continued research and developmentis also a contributor. As the U.S. seeks to defend its title as home to the most advanced medical techniquesand technologies, sizable investmentin this space will continue.

Sources: BLS, New York Times


Where the jobs are:

Finance and accounting

Situation overview.

While the financial crises of 2008 negatively impacted many financeprofessionals, one portion of the industry that has not felt the same sortof pain is the accounting profession.Through everything that’s happenedin our economy, a few financial functions have actually increased in importance. These include: riskmanagement, auditing, financialanalysis, budgeting, collections andcost management — all of which areaccounting and corporate finance skill areas.

Case in point: in a 2008 survey of 400 CFOs which we commissioned in conjunction with CFO ResearchServices, the majority of those polled(60 percent) felt their job security wasat the same level as it was in 2007.Why the confidence? Accounting talent continues to be in high demandand, according to the Bureau of LaborStatistics, accounting will be amongthe fastest growing professions —forecasted to grow 18 percent by 2016.

Areas in demand.

Contributing to the need for this set of finance talent is the continuouslychanging regulatory environment.While many companies have beenable to get over the SOX hump, newcompliance and regulatory standardscoming in the form of XBRL and IFRSwill require the right people to imple-ment these new systems and ensurethey are integrated successfully. Beyond this, the AICPA projects thatthree-quarters of the field will reachretirement age by 2020, leaving ahuge skill gap and high demand fortalent in the coming years — puttingincreased pressure on employers todeploy just the right recruitment andretention strategies to be successful.These dynamics make it clear that accounting is and will continue to be one true bright spot within the financial job market.

Sources: BLS, New York Times

Unemployment rate:4.9% (financial activities)

# of American workers:977,400

2007-2008 change in workforce:+6,000 workers

Regions in high demand:Northeast, West

How do you feel about your job security today,compared to a year ago?

I feel my job is much more secure 4%

I feel my job is much less secure 7%

I feel my job is somewhat more secure 11%

I feel my job is somewhat less secure 18%

I feel my job security is about the same 60%

Sources: 2008 survey by Ajilon Finance/CFO Research/AICPA


Where the jobs are:

Information technology

Situation overview.

More and more, technological advancement is becoming synony-mous with business advancement. As an effective IT strategy continues to be closely tied to business successand innovation, the importance of this job sector continues to growaccordingly.

Compared to 2007, at the end ofQ308 there were 60,000 more IT jobs in the U.S. reflecting the strongdemand for these highly skilled workers. Despite everything that’shappening externally, companies cannot afford to stop investing in IT.

Areas in demand.

Whether through the development of complex computer networks, enabling wireless Internet access for all employees, or advancing the company’s external website or intranet, the span of IT projectscontinues to widen. A key focus now and in the future will also be

maintaining the appropriate levels of security to match the growth in acompany’s IT infrastructure. So muchof today’s business is conducted over the Internet and on computernetworks that maintaining the appropriate security levels is crucial.Viruses, hackers and other attackshave only become more advancedand will require superior IT talent tohelp combat these threats and build a more sound technical environment.

The IT space represents a home for a limited group of highly specializedindividuals, which helps to keep the demand for these professionalshigh at all times. We foresee this demand continuing in the near term, especially for computer and information systems managers, and application developers, who will especially be needed to help companies navigate the next technological evolution and wave of development.

Sources: BLS, Society for Information Management

Unemployment rate: 5.0%

# of American workers: 9 million

Regions in high demand: West, South


Top desired skills for tech workers

Entry-level employees• Problem solving• Ethics and tolerance• Communication (oral and written)• Collaboration/teamwork• Business analysis• Functional area knowledge

Mid-level employees• Ethics and tolerance• Problem solving• Communication (oral and written)• Collaboration/teamwork• Project leadership• Decision-making

SOURCES: BLS, Society for Information Management


Where the jobs are:

Legal

Situation overview.

As a whole, the legal profession hashad a challenging year. The freezingof the credit markets has halted a lotof the deals that kept many firms busyin recent years. Further, real estatelawyers with a high concentration in practicing law around residentialreal estate have also been hit particularly hard.

Areas in demand.

In times of trouble, opportunity oftenarises. Sections of the legal profes-sion, such as commercial litigationand bankruptcy law, have beenbooming as a result of the currenteconomic turmoil. Lawyers with thesesorts of skills are largely sought afterright now and will continue to be inthe near future. Additionally, health-care and environmental law continueto be particularly strong as litigationand casework in these segments continues to grow.

As law firms and in-house legal teamslook to manage their costs closely, this also creates great opportunitiesfor paralegals and legal assistants.Major law firms are offering first-yearassociates right out of law school$160,000 starting salaries on average.As a result of this high asking price,many legal teams are shifting respon-sibilities and changing their staffingmodels. This means that paralegalsand legal assistants are regularly beingasked to take on some responsibilitiesthat were traditionally handled bylawyers, thus increasing the demandfor highly qualified talent at the paralegal and legal assistant levels.

Further, eDiscovery has recently had a major impact on the industry.As the dynamics of document reviewcontinue to shift and evolve, this creates employment opportunities for legal professionals who have the right educational accreditationsand specialize in this process.

Sources: The Wall Street Journal, BLS

# of American workers: 1.2 million

2007-2008 change in workforce: -16,000 workers

Regions in high demand: Northeast, West

Sections of the legalprofession, such ascommercial litigationand bankruptcy law,have been booming as a result of the current economic turmoil.


Where the jobs are:

Engineering

Situation overview.

While engineering talent can be hard to find, these professionals continue to be highly pursued. In fact, the National Association of Collegesand Employers (NACE) found that engineering majors were at the verytop of the list of the most sought aftergraduates from the class of 2008.

Despite this high demand, attractingpeople to the profession has been a challenge. Masters degreeenrollments in engineering, afterpeaking at 91,000 in 2003, have declined to 83,000 in 2006, while PhD enrollments have leveled off at 57,000. However, enrollmentnumbers only tell a partial story: the ratio of enrollment rates versusgraduation rates paint an even grimmer picture with only 55 percentof those enrolled in undergraduateengineering programs completingtheir degrees. Furthermore, 40 percentof master’s recipients in the U.S. are foreign nationals.

Areas in demand.

According to NACE and the Bureau of Labor Statistics, those in highest demand include:

Civil engineersMedian annual salary: $68,600Projected job growth: 18 percent

Chemical engineersMedian annual salary: $78,860Projected job growth: 8 percent

Electrical engineersMedian annual salary: $75,930Projected job growth: 6 percent

Mechanical engineersMedian annual salary: $69,850Projected job growth: 4 percent

Companies need the highly specialized niche skills that engineersbring to the table to stay innovativeand bring their customers the mostcutting edge products and services.This thirst for innovation and efficiencywill not subside any time in the nearfuture, creating great opportunities for those currently in or interested inentering this high-demand profession.

Sources: NACE, BLS

# of American workers:1.5 million


Regions in high demand:Midwest, South


Where the jobs are:

Manufacturing

Situation overview.

Producing new jobs continues to be a challenge for the manufacturingindustry. From December 2007 toDecember 2008, the industry lost almost 800,000 jobs. While the majority of the job losses were concentrated in housing and automanufacturing related areas, the industry continues to be a dominantportion of our workforce. In fact,standing alone, U.S. manufacturingwould be the eighth largest economyin the world.

Areas in demand.

One portion of the industry helping to inspire some growth is exports. According to the National Associationof Manufacturers, exports have accounted for nearly half of the U.S.economy’s growth from 2007-2008.Factors such as a weak dollar andrapid industrial growth in areas outside of the U.S. like Asia, EasternEurope and the Middle East, havebrought increased demand for U.S.products. As this continues, we couldsee this growth helping to offset someof the domestic losses from a declinein home and auto purchasing.

Another positive sign of life for the industry could come in the form of“green manufacturing.” As jobs relatedto the global green movement areand will continue to be on the rise forthe foreseeable future, manufacturingis one of the key industries set to feel a positive impact. For example,according to a recent report by the Energy Department, the United Statescould make wind energy the source of one-fifth of our electricity by 2030,up from about 2 percent today. Thissort of revolutionary shift would requirenearly $500 billion in new constructionand could potentially add more thanthree million jobs, meaning renewedopportunity and growth for the manufacturing industry.

Sources: New York Times, BLS, NAM


Where the jobs are: by region.

Just as a diversified investment portfolio is more likely to weather an economic downturn, regions with hybrid economies are also performing better in the current climate. Most of the regions that are suffering are feelingthe impact of a decline in goods-producing sectors. On the other hand, the more stable regions rely less on a single sector and more on a numberof stronger industries like healthcare, education, IT and professional services.Let’s take a closer look at all of these regions.


NortheastBest jobs: Education, Healthcare, Finance/Accounting, IT

• Throughout most of 2008, the Northeast was the region with the lowest or close to lowest unemployment rate, staying below the national average the entire year.

• The economy in the Northeast is largely professional services oriented with a heavy emphasis on service- versus goods-producing industries.

• Turmoil in the financial services industry has not only impacted New York city, but also the surrounding tri-state area which lost over 50,000 jobs in 2008.

• Massachusetts had one of the lowest unemployment rates in the region largely due to the high number of educated workers — 52 percent of workers in Massachusetts have a college degree versus the national average of 24 percent.

• Over the first three quarters of 2008, New Jersey saw only about 21,000 jobs disappear out of a total workforce of over 4 million people, allowing unemployment to remain below the national average.

• Despite weakness in construction nationally, construction jobs have remained stable in Pennsylvania —the strongest job segments in the state are education, healthcare, natural resources and mining, which all continue to add hundreds of jobs each month.

Sources: BLS, MetroWest Economic Research Center,New York Times, New Jersey Department of Labor and Workforce Development, Associated Press

MidwestBest jobs: Engineering, Construction

• 2008 was challenging for the Midwest as the region frequently reported the highest unemployment rate in the country, coming in above 6.5 percent in the second half of the year.

• For the past two years, Michigan wasoften the state with highest unemploy-ment rate, coming in at 10.6 percentin December 2008 largely due to joblosses in the manufacturing sector.

• Kansas’ Labor Secretary noted that, from 2004 to 2014, the overall workforce is expected to expand by 12.3 percent in the state. He also reported several new policies were working to keep more Kansans employed and helping business expand — the state’s reduction in the unemployment insurance tax paid by employers meant that businesses were able to keep $78 million of their revenues in 2007, a figure that should grow to $90 million for 2008.

• Illinois’ unemployment rate hovered around 7 percent for most of the year. According to the state’s Security Director, Maureen O’Donnell, the state is using programs like the Illinois Works Jobs Plan to create jobs in some of the hardest hit sectors, including construction which has lost 10,000 jobs over the last year.

Sources: BLS, Associated Press, Kansas Department of Labor

Where the jobs are:

by region


WestBest jobs: IT, Engineering, Finance/Accounting

• The West has seen the largest year-over-year unemployment increase as compared to the other regions, rising by around 2 percent in 2008.

• The financial and housing crises have a had a big impact on California’s job market as the state unemployment rate rose to its highest level in 12 years in 2008 largely due to a halt in construction activity, falling home prices, and a decrease in consumer spending.

• Despite the turmoil in California, Silicon Valley has held its own. The state has the highest number of tech workers in the country and IT jobs are still plentiful there.

• Nevada economists estimate that the state unemployment rate will average about 8.6 percent for 2009, reaching 8.7 percent by the end of the third quarter. Las Vegas continues to see job growth in the hospitality jobs category, but construction has slowed, hindering the growth seen in recent years.

• Washington saw its unemployment rate fluctuate in 2008 which, according to the state’s chief economist, indicates that “the economy is substantially better than it was during the 2001 recession, when Washington’s employment level declined for 20 consecutive months.” Major job growth is taking place in education, healthcare and publishing.

Sources: BLS, California EDD, Los Angeles Times, The Las Vegas Review-Journal, Washington EmployeeSecurity Department

SouthBest jobs: Healthcare, Finance/Accounting, IT, Engineering

• The South was one of the most stable regions, with unemployment remaining below the national average throughout 2008.

• More than any other region, the South benefits from a hybrid economy with a good mix of goods- and service-producing jobs that have allowed the industry to maintain stability through the current economic turmoil.

• While Florida’s unemployment rate steadily rose throughout 2008, several portions of the state’s economy, including tourism and government, continued to add thousands of jobs. State economists forecast a return to normal job growth for the state in 2010.

• Texas’ unemployment rate is far lower than most states, hovering at around 5 percent. The state’s job market has actually reaped some of the benefits of NAFTA and has been positively impacted by the oil and energy industries.

• While Michigan has lost thousands of manufacturing jobs, Texas and Alabama are two states that have actually grown by the thousands when you look at their manufacturing workforce.

Sources: BLS, Associated Press, Miami Herald, Dallas Morning News, Wall Street Journal

Where the jobs are:

by region


The long road back to economic stability and growth.

2008 will be remembered as a year of historic political and economic events that influenced the way we live and work. What’s especially unique about our current situationis how it is impacting the country as a whole — whether your office is on Wall Street orMain Street, you live in Washington, D.C. or Washington State, you work in manufacturing or in financial services, we’re all united by the current economic realities.

There are certainly major challenges to overcome in 2009 to get our worlds back on track. From employee to employer, citizen to politician, and consumer to business owner,the road back to economic stability and growth will once again be paved by the skills,perseverance, innovation and hard work of the American workforce in 2009.

For more perspectives on the economy and labor market and how emerging trends will affect your business, contact an Adecco representative today at 877.8.adecco or visit adeccousa.com.

©2009 Adecco

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