Factory Closures Propel Growth in Services Sector Employment
561 factories closed in the first five months this year, and over 3,573 closed from 2011 to 2024, resulting in more than 300,000 lost jobs. The services sector, notably tourism, has absorbed much of this workforce, increasing employment from 87% to 99% in the second quarter. There is a growing demand for specialized roles such as spa therapists, tour guides, and chefs.
Recent data reveals that 561 factories closed within the first five months of this year, contributing to a total of 3,573 closures between January 2011 and May 2024.
This resulted in the loss of over 300,000 jobs.
Fortunately, more than half of the affected workers have rejoined the labor force.
The second quarter report from the council highlighted an increase in employment in the services sector, notably in hotel and tourism, with employment rates rising from 87% to 99%.
The resurgence of tourism has driven this demand, which coincided with the decline in manufacturing due to weaker exports.
Consequently, over 300,000 industrial unemployment claims were absorbed by the services sector, keeping the national unemployment rate around 100,000.
More than 500,000 new graduates have joined the burgeoning services industry, reflecting a significant labor transfer.
Despite this growth, there is a scarcity of qualified workers with specialized skills, such as massage/spa therapists, tour guides, professional chefs, kitchen staff, and hotel receptionists.
This resulted in the loss of over 300,000 jobs.
Fortunately, more than half of the affected workers have rejoined the labor force.
The second quarter report from the council highlighted an increase in employment in the services sector, notably in hotel and tourism, with employment rates rising from 87% to 99%.
The resurgence of tourism has driven this demand, which coincided with the decline in manufacturing due to weaker exports.
Consequently, over 300,000 industrial unemployment claims were absorbed by the services sector, keeping the national unemployment rate around 100,000.
More than 500,000 new graduates have joined the burgeoning services industry, reflecting a significant labor transfer.
Despite this growth, there is a scarcity of qualified workers with specialized skills, such as massage/spa therapists, tour guides, professional chefs, kitchen staff, and hotel receptionists.
