As you can see, the Hospitality and Distribution/Warehouse industries were hit the hardest, accounting for 61.3% of last year’s total turnover and 19.2% of involuntary turnover. The Manufacturing industry was also in the top three industries with highest involuntary turnover, accounting for 6.1%. We know people aren’t buying as many goods manufactured in the US. Just look at GM, Chrysler, etc. But can we assume that people aren’t going on vacation in this down economy too?
Not surprisingly, the Real Estate and Construction industry also suffered in 2008 with 21.9% total turnover and 8.1% involuntary turnover, most likely because of the housing market rut.
Financial Services (partially to blame for the housing crisis) saw 19% total turnover and 5% involuntary turnover last year. I’m predicting an increase in turnover for this industry in 2009 (even despite the bail outs).
What surprised me most was that Healthcare, typically known as a recession-proof industry, had a higher percentage of involuntary turnover (5.1%) than Utilities (3.3%), Not-For-Profit (3.8%), Technology (4.5%) and Financial Services (5%).
Let’s hope we see more optimistic stats for 2009!