The Recession: 10 Years Later
Although the Great Recession seems like the recent past, this month marks its 10 year anniversary. Pew Research Center, a bipartisan think tank, recently examined five ways that the Recession has affected the U.S. Workforce (access the full report and graphics here).
- The labor force has shrunk- in December 2007, 66% of citizens over the age of 16 were working or looking for work, while only 62.7% of citizens were working in October 2017. Factors contributing to this decrease include the retirement of baby boomers, potential employees staying in school rather than joining the workforce, and a decreased demand for less-skilled workers.
- The labor force is getting more diverse- in December 2007, 65.3% of the workforce were non-Hispanic whites, which decreased to 60% as of October 2017.
- The labor force is getting older- in December 2007 citizens ages 55 and older comprised 17.6% of the labor force compared to 22.8% today. This is the only group whose workforce participation has increased.
- Unemployment lasts longer- in December 2007, 9.1% of unemployed people had been looking for work for over a year, compared to 16.5% in October 2017.
- Employment within service industries continues to increase- nearly 84% “of all private-sector nonfarm jobs are classified as service-providing, up from 81.1% a decade ago.” Conversely, jobs in the “goods-producing sectors” (manufacturing, construction, mining) decreased slightly from 18.9% in December 2007 to 16.1% last month.
What skills are going to be the most valuable to workers in 2018? A Pew Research Analysis looking back over the past few decades found that industry sectors with the highest growth are looking for employees with strong analytical, social, and technical skills.
Looking for a change in the New Year? Take a look at our job page.