There are 3.2 million unemployed workers in occupations with unemployment rates between 5.0% and 6.3% (the U.S. NSA rate for June). A year ago, there were 3.9 million unemployed workers in these occupation categories.
Overall there are 22 two-digit SOC (Standard Occupational Classification System) codes for occupations. The above-mentioned occupations are in 5 categories. Over the past year the number of unemployed workers dropped in 4 of the 5 occupations. At the moment labor shortages are less prevalent in these occupation categories than the SOC codes where the unemployment rate is less than the natural rate of unemployment.
Some of the jobs in these segments (SOC 19 Life Sciences and SOC 25 Education) require higher education degrees. A portion of the Life Sciences and Production occupations are found at primary employers. The Office Support and Sales occupations are common to all industries and typically require on the job training.
The continued decline in the unemployment rate for these occupations is a sign that the economy is faring well.
