After all the news of job cuts at newspapers across the U.S., U.K. and Europe, this shouldn't come as too much of a surprise. A new report out of the U.S. predicts that the newspaper industry will shed 25% of its jobs by 2018.
The Employment Projections Summary is produced by the U.S. Federal Bureau of Labor Statistics and projects the total job loss or gain for each industry between 2008 and 2018. Among the ten industries likely to lose the most staff, newspapers come in at seventh place.
Industries that ranked higher for predicted job losses included department stores, electronic component manufacturing, motor vehicle parts, postal services, printing and apparel manufacturing.
The report showed that at the end of 2008, there were around 326,000 jobs in the newspaper industry. It predicted that in ten years, that number will have fallen to 245,000.
Analysts were upbeat in the face of this news. Poynter Institute media business analyst Rick Edmonds told Editor and Publisher that the report was not surprising. "That is consistent with what has been happening the past three years," he said. "But I don't think the next three years will be as bad."
Indeed, there are encouraging signs, such as AOL's hiring spree and other predictions for an improvement in advertising revenue next year. But as always, we shall have to wait and see whether or not this prediction proves to be true.
Source: Editor and Publisher