February 11, 2010 by Joshua Wright
A new research brief on the U.S. labor market goes beyond basic unemployment rates and looks at how things have changed in the last decade, culminating in the recession. The study was released by Rutgers University’s John J. Heldrich Center for Workforce Development.
The authors examine key indicators and analyze issues ranging from which segments of the population are most affected by unemployment to the saturation of the labor market with degree-holders.
The table below is particularly eye-opening. It contrasts the projected 1998-2008 job growth for the fastest-growing occupations with the actual change. Across the board, the forecasts were off the mark by a wide margin. This serves as a good reminder that long-term projections need to be placed in the proper perspective, especially given the current state of the labor market.