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The latest data on unemployment figures- currently on a downward trend at 8.5%- has prompted an upswing in polls for the Obama administration, and may improve his chances for re-election, according to the Financial Times.
While this change is indeed a positive one, it is worth taking a look at the factors behind this figure. The BLS website defines “employed” as a person over the age of sixteen who has a job, while “unemployed” is a person over sixteen who has done no profitable work in the past week and has actively been looking for a job within the last four weeks.
What this survey does not take into account are the under-employed (workers who have had their paid hours cut or cannot get enough hours in their current job), the chronically unemployed (those who have given up looking for work) and workers who have had their salary or benefits cut as a result of the troubled economy. These ‘unseen’ categories are just as significant to the millions of workers in the US today as the basic employment rate.
Workers in sectors that are generally considered “dispensable” are the worst hit by any recession; this is especially true of those in the financial and retail sectors, for example, who experience an increase in redundancies and salary reductions across the board. Qualified professionals in essential services such as healthcare do better, such as doctors, dentists, pathologists and ultrasound technicians. For example, the ultrasound technician salary has been largely unaffected in the years since 2008, with a steady increase in pay and benefits, and job openings on the rise. Unqualified individuals within that same sector, such as pharmacy technicians, may not be so lucky in terms of salary although the demand for their services remains high.
You can see the state of the employment market in specific areas by looking online. Most of the major job sites allow you to customize the search very specifically. Most independent researchers however will use buy mobile proxies in order to change their IP address to a regional one to check out other sources like Craigslist.
What this year will bring for those of us still in the workforce in terms of employment and pay rates remains to be seen. For the young ones just starting their qualifications or looking for jobs, a good bet is the strong healthcare industry or other essential services where the demand for workers is projected to remain high. If you are in a position to obtain a strong qualification in such a sector, so much the better; you are separating yourself from the masses of job seekers out there who would willingly step into your shoes. In today’s economy, a reliable salary and good benefits are well worth the extra effort.