U.S. Labor Market Eases Up for Less Educated Americans
Jed Santos | | Oct 07, 2014 01:47 AM EDT |
(Photo : REUTERS) Graduates filling out forms related to job search.
For the first time since 2008, the U.S. unemployment rate has slipped below the 6 percent mark, indicating a more favorable labor landscape, especially for less educated Americans.
The Bureau of Labor Statistics records show that, in September 2014, the general unemployment rate fell from 6.1 percent to 5.9 percent. Unemployment in the bottom two education levels sunk considerably, from 6.2 percent to 5.3 percent for high school graduates, and from 9.1 percent to 8.4 percent for those without a high school diploma.
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Factors contributing to the easing of unemployment among less educated Americans are due to the unemployed quitting job searches and the continuing jobs recovery since 2010. Retirement and return to school have also nudged the numbers toward the lower percentages.
In recent years, many employers have been willing to hire those with less education because of tight market competition, says Mark Zandi, chief economist of Moody's Analytics. The large pool of unemployed people allowed employers owning restaurants, retail businesses and health care facilities to fill many vacant positions.
The belief that people lacking skills have no chance of getting employed is not true, says Dean Baker from the Center for Economic and Policy Research.
"That doesn't seem to be the case," Baker said.
With job growth continuing to rise and unemployment rate reaching the normal at 5.5 percent, the Labor Department has provided promising forecasts. From 2012 to 2022, jobs demanding a bachelor's degree will grow 12.1 percent and those requiring a master's degree will climb 18.4 percent.
Further, less educated Americans will have more jobs available for them. Comprising 66 percent of all jobs in 2013, lower-skill jobs are projected to rise to 7.9 percent for those with a high school diploma and 10.9 percent for those without.
The Labor Department has listed medical secretaries, health aides and occupational therapy aides as lower-skill jobs that will grow the fastest in the coming decade due to the the country's continuous trend of an aging population and improved treatment procedures.
Brickmasons will also be in great demand in the next 10 years due to post-recession recovery in the construction industry.
TagsU.S. labor market, unemployment rate 2014, Bureau of Labor Statistics
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