« 'Net Neutrality May Be Harder To Achieve Than We Thought' | Main | Links for 5-22-14 »

Wednesday, May 21, 2014

What Kinds of Jobs Have Been Created During the Recovery?

It's unlikely that this is limited to the NY Fed region. This is NY Fed president William Dudley:

... What Kinds of Jobs Have Been Created During the Recovery?
Let me turn to the topic of today’s press briefing:  how the types of jobs in the region have changed over the last business cycle.  Firms often change the way they utilize workers and the mix of skills they employ during recessions and recoveries.  The weakening demand during recessions forces firms to look for new ways to be more efficient to cope with hard times.  These adjustments do not affect all workers equally.  Indeed, it’s what we typically think of as middle-skilled workers—for example, construction workers, machine operators and administrative support personnel—that are hardest hit during recessions.  Further, a feature of the Great Recession and indeed the prior two recessions, is that the middle-skill jobs that were lost don’t all come back during the recoveries that follow.  Instead, job opportunities have tended to shift toward higher- and lower-skilled workers.
As we’ll show, these same trends have played out in our region.  While there’s been a good number of both higher-skill and lower-skill jobs created in the region during the recovery, opportunities for middle-skilled workers have continued to shrink.
I believe it is important for us to highlight these job trends and to understand their implications for our region.  There have been significant and long-lasting changes to the nature of work.  As a result, many middle-skilled workers displaced during the recession are likely to find that their old jobs will never come back.  Furthermore, workers are increasingly facing higher skill requirements in order to land a good job.  These dynamics in the labor market present a host of challenges for the region to address.  However one thing is clear: workers will need more education, training and skills to take full advantage of the types of job opportunities being created in our region, as well as across the nation.  So, it’s important that we work together to find ways to help people in our region adapt to these changes. ...

    Posted by on Wednesday, May 21, 2014 at 09:22 AM in Economics, Unemployment | Permalink  Comments (42)

          


    Comments

    Feed You can follow this conversation by subscribing to the comment feed for this post.