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The Great Skills Mismatch of Today's Economy

EThe 3 Great Shills MISMATCH EOF T ODAY 'S HC ONOM Y E. veryone knows millions of jobs have been lost since 2008. But what isn't so obvious is the great skills mismatch at the heart of today's 8.6 percent unemployment rate. Many Americans are still training (or waiting) for jobs in industries that simply aren't coming back. Meanwhile, employers are looking for skills more relevant to the current economy. INDUSTRIES INDUSTRIES ADDING JOBS LOSING JOBS Here are the 10 industries projected by the Bureau of Labor Statistics to grow the fastest from 2008-2018: The BLS projects the following 10 industries (and their manufacturing sectors, specifically) to cut the most jobs during the same period: Management, Scientific, and Technical Consulting Services 1 CUT AND SEW APPAREL JOBS ADDED: 835,000 JOBS LOST: 88,500 MAN UFACT URING Average Annual Rate of Change: + 6,2% Average Annual Rate of Change: -8.1% Educational SERV ICHS 2APPAREL JOBS ADDED: 316,000 JOBS LOST: 13,700 Average Annual Rate of Change: + 4.5% KNITTING MILLS Individual and Family JSERVICES 3 Textile and Fabric Finishing JOBS ADDED: 530,000 Average Annual Rate of Change: - 7.1% AND FABRIC COATING MILLS Average Annual Rate of Change: + 4% JOBS LOST: 24,800 Average Annual Rate of Change: - 7% Health Care Services 4FABRIC JOBS ADDED: 441,000 JOBS LOST: 30,400 MILLS Average Annual Rate of Change: +3.9% Average Annual Rate of Change: - 6.1% 5SPECIALIZED DESIGN SER VICES AUDIO AND VIDEO H QUI PMENT J MANUFACTURING JOBS LOST: 12,400 JOBS ADDED: 65,000 Average Annual Rate of Change: - 6% Average Annual Rate of Change: +3.8% DATA PROCESSING, Hosting, Related Services, and Other APPAREL ACCESSORIES AND OTHER APPAREL O MANUFACTURING JOBS LOST: 7,800 JOBS ADDED: 178,000 INFORMATION SERVICES Average Annual Rate of Change: - 6% Average Annual Rate of Change: +3.8% COMPUTER SYSTEMS DESIGN AND THREAD MILLS 7 RELATED SERVICES FIBER, YARN, AND JOBS LOST: 16,700 JOBS ADDED: 656,000 Average Annual Rate of Change: - 5.7% Average Annual Rate of Change: + 3.8% 8TEXTILE JOBS LOST: 33,500 JOBS ADDED: 9,000 LESSORS OF NON-FINANCIAL INTANGIBLE ASSETS FURNI SHING S MILLS (Except Copyrighted Works) Average Annual Rate of Change: - 5.7% Average Annual Rate of Change: + 3% OFFIC ES OF RAILR OAD R OLLING STOCK HEALTH PRACTITIONERS JMANUFACTURING JOBS LOST: 10,900 JOBS ADDED: 1,256,000 Average Annual Rate of Change: - 4.7% Average Annual Rate of Change: + 3% FOOTVWEAR IO MÂNUFACTURING 10 PERSONAL CARE JOBS LOST: 5,800 JOBS ADDED: 197,000 SERVICES Average Annual Rate of Change: -4.5% Average Annual Rate of Change: + 2.8% The commonality between The commonality between all of these industries? all of these industries? All are production-based. All are service-based and highly skilled. THE SKILLS MISMATCH IN T ODAY' S HCO NOMY Lost in the media dramatization of the national unemployment rate is the number of positions waiting to be filled-3.26 million, the most since 2008. What's going on here is a mismatch of the skills of the unemployed and at least some of the positions that are becoming available. This seems to be slowing the pace of filling those job openings. 99 Dean Maki, Chief U.S. Economist, Barclays Capital Employers are struggling to find employees with the skills, certifications, or credentials needed in today's fast-growth industries. Job seekers would be well-served to focus their careers on these areas. SOURCES: BUREAU OF LABOR STATISTICS, BUSINESSWEEK CRISP360

The Great Skills Mismatch of Today's Economy

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We've all heard about the high unemployment rate in the U.S. The story not being told is the one about the large number of jobs that are waiting to be filled. Many employers are having trouble finding...

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