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From Hard Times to Better Times: College Majors, Unemployment, and Earnings

February 23, 2015 Comments off

From Hard Times to Better Times: College Majors, Unemployment, and Earnings
Source: Center on Education and the Workforce, Georgetown University
From press release (PDF):

The job market for recent college graduates has continued to improve but individual graduates’ chances of finding a job depends on their major, according to a new report by the Georgetown University Center on Education and the Workforce. The report is the third in a series of reports published by the Center that analyze unemployment rates for recent college graduates by major. The newest edition, Hard Times to Better Times, also analyzes changes in unemployment rates and annual wages for recent college graduates since 2009.

The report finds that college remains very much worth the cost in the post-recession economy for most students: unemployment rates declined for recent graduates in most majors. Recent college graduates are more likely to be employed than high school graduates in the middle of their careers in every major, with the exception of social sciences and architecture.

College graduates maintained their wage advantage over high school graduates in the post-recession economy, the report finds, though the size of the wage advantage depends on major: recent college graduates who majored in engineering earn 158 percent more than experienced high school graduates, while those who majored in education earn only 31 percent more than experienced high school graduates.

The report’s other major findings are:
• Unemployment rates for recent college graduates are the lowest for agriculture and natural resources majors (4.5%), physical sciences (5%), and education (5.1%). The majors with the highest unemployment rates are architecture (10.3%) and arts (9.5%).
• Recent college graduates who major in arts, psychology, and social work earn $31,000 per year, only $1,000 more than the average high school educated worker. By comparison, recent graduates who majored in engineering earn $57,000 per year, almost twice as much as the average high school graduate.

Online College Labor Market: Where the Jobs Are

July 7, 2014 Comments off

Online College Labor Market: Where the Jobs Are
Source: Georgetown University Center on Education and the Workforce
From press release (PDF):

More than 80 percent of job openings for workers with a bachelor’s degree or better are posted online, compared to less than 50 percent of job openings for workers with less education*, according to a new report from the Georgetown University Center on Education and the Workforce.

The report analyzes the demand for college talent in the job market by examining online job advertisements for college degree-­‐holders by education requirement, occupation, industry, and state.

Sixty-­‐one percent of online job openings for college graduates are in white-­‐collar professional occupations (33%) and STEM occupations (28%), which together account for over 1.1 million job openings posted online of the 1.9 million total online job openings for college graduates…

Failure to Launch: Structural Shift and the New Lost Generation

October 17, 2013 Comments off

Failure to Launch: Structural Shift and the New Lost Generation
Source: Georgetown University Center on Education and the Workforce

Between 1980 and 2012, significant structural economic shifts produced a new postsecondary phase in the labor market entry of young adults, delaying their career launch. Older adults are working longer; however, they are not crowding young adults out of the labor market. In fact, today there are more job openings per young person resulting from retirements than there were in the 1990s.

The report’s major findings are:

  • In 1980, young adults reached the middle of the wage distribution at age 26; today, they do not reach the same point until age 30. For young African Americans, it has increased from age 25 to 33.
  • Young adults’ labor force participation rate has returned to its 1972 level, a decline that started in the late 1980s and has accelerated since 2000.
  • Older workers aren’t crowding young adults out of the labor market: there are more job openings created from retirements per young person today than there were in the 1990s
  • The 2000s were a lost decade for young adults. Between 2000 and 2012, the employment rate for young fell from 84 percent to 72 percent.
    Opportunities have especially dwindled for young men, high school graduates, and young African Americans.

Recovery: Projections of Jobs and Education Requirements Through 2020

July 16, 2013 Comments off

Recovery: Projections of Jobs and Education Requirements Through 2020 (PDF)
Source: Georgetown Public Policy Institute, Center on Education and the Workforce

Indicators point to a steady though painfully slow recovery. The gross domestic product (GDP) growth rate is steady and positive, despite being lower than some key economic forecasts, and has remained above 2.9 percent since the first quarter of 2010. Driving this growth in goods and services is the underlying restoration of productivity in two key sectors: healthcare and manufacturing. Healthcare, which remained strong throughout the recession, is one of the fastest growing industries in the U.S. economy and pays well, especially for those with certificates, certifications and associate’s degrees or better. Manufacturing is the big surprise. For the past three decades, manufacturing shed jobs as worker productivity increased and jobs moved offshore. Today, however, we see jobs returning in this sector, particularly in durables and high-tech manufacturing.

Our detailed analysis of the Great Recession’s impact reveals very interesting trends on the nature of layoffs and rehires. In The College Advantage: Weathering the Economic Storm , Carnevale et al. showed the less educated were hardest hit. Talk of a “mancession” obscured the stark reality that those who lost jobs in construction, housing, and manufacturing were not only defined by sex but also by education: the least educated were the ones laid off, and the rehired have relatively higher educational attainment than their predecessors. Moreover, better-educated new hires are commanding higher wages than their predecessors (Mulligan et al. 2012).

Hard Times: College Majors, Unemployment and Earnings

June 21, 2013 Comments off

Hard Times: College Majors, Unemployment and Earnings

Source: Center on Education and the Workforce (Georgetown University)

In the past, a college degree all but assured job seekers employment and high earnings, but today, what you make depends on what you take. In Hard Times 2013, we show differences in unemployment and earnings based on major for BA and graduate degree holders. We show that STEM — Science, Technology, Engineering, and Mathematics — majors typically offer the best opportunities for employment and earnings, while unemployment is higher for graduates with non-technical degrees.

Here are some of our major findings:

1. Even as the housing bubble seems to be dissipating, unemployment rates for recent architecture graduates have remained high (12.8%). Graduate degrees and work experience did not shield these graduates from a sector-specific shock; graduates with experience in the field have the same jobless rates as the economy overall (9.3%).

2. Unemployment is generally higher for non-technical majors, such as the arts (9.8%) or law and public policy (9.2%).

3. People who make technology are still better off than people who use technology. Unemployment rates for recent graduates in information systems, concentrated in clerical functions, is high (14.7%) compared with mathematics (5.9%) and computer science (8.7%).

4. Unemployment rates are relatively low for recent graduates in education (5.0%), engineering (7.0%), health and the sciences (4.8%) because they are tied to stable or growing industry sectors and occupations.

5. Graduates in psychology and social work also have relatively low rates (8.8%) because almost half of them work in healthcare or education sectors.

Healthcare

July 2, 2012 Comments off

Healthcare
Source: Center on Education and the Workforce (Georgetown University)

In Healthcare, we provide detailed analyses and projections of healthcare fields, occupations, and their wages. In addition, we discuss the important skills and work values associated with healthcare fields and occupations. Finally, We analyze the implications of our findings for the racial, ethnic, and class diversity of the healthcare workforce in the coming decade.

Career Clusters: Forecasting Demand for High School Through College Jobs, 2008-2018

November 26, 2011 Comments off

Career Clusters: Forecasting Demand for High School Through College Jobs, 2008-2018
Source: Center on Education and the Workforce (Georgetown University)

The report entitled Career Clusters: Forecasting Demand for High School Through College Jobs, 2008-2018, identifies 16 career clusters which represent the full array of related occupational opportunities and education requirements. Findings show that for those with high school diplomas, decent jobs still exist but there are not enough to go around. Only one in three of high school-level jobs will pay wages of $35,000 or more; although in some cases, with experience, these jobs can provide up to $50,000.

High school-level jobs are found in four male dominated career clusters: manufacturing, construction, transportation, and hospitality. Of these four clusters, only jobs in manufacturing and construction still pay relatively good wages; particularly for those who obtain on-the-job-training. The study confirms that women need postsecondary education to earn the same wages as men with only a high school diploma. For instance, whereas a man can earn $35,000 with a high school diploma in the manufacturing career cluster, a woman must obtain a postsecondary credential and work in healthcare to earn as much.

In many industries the overall number of jobs will decline through 2018 but there will still be job openings available due to retirement. For example, the study finds that there will be 181,000 fewer manufacturing jobs over the decade but there will be 3 million job openings in manufacturing by 2018.

Middle-skill jobs have promise for those who acquire some level of postsecondary education or training but not a Bachelor’s degree. For women, middle-skill jobs are the minimum threshold for a better career. One in two of these middle jobs provide career pathways leading to median wages of roughly $40,000. Such jobs are concentrated in six career clusters: manufacturing, marketing, transportation, healthcare, business and hospitality. The fastest growing career clusters for middle-skills are in healthcare (21 percent) and hospitality (12 percent).

Workers with Bachelor’s and graduate degrees have the most positive outlook. Five out of six jobs available for workers with Bachelor’s pay more than $35,000 a year and average $60,000. Seventy-two percent of jobs available for workers with a Bachelor’s degree or better are found in nine occupational clusters. Yet at this education level, all career clusters are essentially accessible.

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