Friday, May 3, 2013

Jobs report just out. Look at this nugget I observed in the report that you won't hear/read about in the analysis by "Real" Economists/Pundits today. And I think it is the underlying problem with tepid job creation.

The Jobs Report for April is JUST out.  With this months report AND upward revisions for the last 2 months, we are chugging along. The job situation IS improving! Not fast enough, but better than a sharp stick in the eye.

I want to make a longer term observation and pose the question: Are things REALLY getting better? And if so, for WHOM?

I am very interested in the relationship between education, employment and its impact on inequality.

Below I pasted the relevant part of today's job report that shows the relationship between educational attainment and employment.  I highlighted the relevant numbers (in the "Seasonably Adjusted" boxes) to show the change in employment in the PAST YEAR among the different educational attainment levels. (Click image to make larger)

Source: BLS
The change in the number of jobs in each category is off to the left (decreases in Red, increases in Black).

The combined loss in jobs in the Less Than High School AND High School Graduate categories is just about EQUAL to the increase in employment in the "Some College/Associate Degree".

Job creation in the last year has been carried by those with College Degrees and to a lesser extent those some advanced education beyond high school.

Job destruction has fallen on those with lower levels of education.

This long(er) term trend is what SHOULD concern people more.

A piece of the Income Inequality puzzle is right here.  Pretty sure you won't see THIS analysis today!

Your welcome.  :)
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