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Cyclical and Non-Cyclical Job Sectors
When looking at which sectors of the Louisville MSA economy have lost the most jobs in this recession, and comparing this with past recessions, trends began to appear in the individual sectors' job numbers. Several job sectors in the Louisville economy were noticably more sesceptible than others to the "booms and bust" of the business cycle over the past two decades. These sectors shed large amounts of jobs during recessions, and enjoyed large growth during prosperous times, while other sectors kept their job numbers very constant.
By combining the job sectors that were more susceptible into "Cyclical" sectors, and those not as susceptible into "Non-Cyclical" sectors, one can more readily see where the job gain and loss trends are in the Louisville economy:
(Click the graph to view a larger image.)
Jobs within the Cyclical sector (consisting of Trade, Transportation and Utilities, Manufacturing, Construction, Natural Resources and Mining, Professional and Business Services, and Leisure and Hospitality) grew at a rapid pace during economic expansions, but were shed substantially during economic recessions (highlighted in the light blue bars in the graph).
Jobs within the Non-Cyclical sector (consisting of Information, Financial Activities, Government, Education and Health Services, and Other Services) grew at a constant, gradual rate over the past twenty years, even through the recessionary periods.
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