U.S. Unemployment is on the Decline, but not for all Occupations

There is good news on the unemployment front – the rate and number of unemployed workers continues to decline.

There are 2.0 million unemployed workers in occupations with unemployment rates below the natural rate (4.5% to 5.0%). Many of these occupations require a college degree.  The two-digit Standard Occupational Code (SOC) precedes each category
33 Protective service                       4.1%
19 Life sciences                               4.0%
11 Management                               4.0%
25 Education                                     3.8%
17 Architecture & engineering       3.8%
13 Business & finance                   3.7%
15 Computer & math                       3.5%
21 Community & social services  3.5%
23 Legal                                             3.1%
29 Healthcare practitioners            2.5%

There are 2.4 million unemployed workers in occupations with unemployment rates between the natural rate and the U.S. average (7.8%).  Some of these occupations require some form of higher education.
27 Arts & design                                7.8%
43 Office support                               7.6%
31 Healthcare support                      7.3%
49 Installation & maintenance        6.0%

There are 6.9 million unemployed workers in occupations with unemployment rates above the U.S. average.  Most of these occupations don’t require higher education.
45 Farming, fishing, & forestry       16.1%
47 Construction & extraction          15.8%
37 Building maintenance                13.3%
35 Food preparation                         11.0%
53 Transportation                             10.9%
39 Personal care & service               9.2%
51 Production                                       9.1%
41 Sales & related                              8.2%

In many cases, there is a clear mismatch of worker skills and company needs. In part, this has exacerbated the length of the recovery.

©Copyright 2011 by CBER.