Generation Y: Taking Over the Workforce
Generation Y is starting to enter the workforce and there are a lot of them. In fact, there are more than 80 million, which is bigger than the Baby Boomers generation (Gronbach)! But what is Generation Y? They were born between 1985 and 2005, are very green, humanitarians, and do not see color.
Generation Y is flooding the labor market and may face 50% unemployment (Gronbach). This high unemployment rate will force many in this generation to create small businesses to make up for the lack of jobs. Many of the Baby Boomers are starting to retire, leaving many technical positions open. To fill these in demand jobs, Generation Y males are increasingly going to technical schools, hoping to find a high paying position. You can also expect more women to be leading and running companies. Right now, women outnumber men in college at a 60/40 ratio (Gronbach).
Gronbach, Kenneth. “The Age Curve.” CEO Council of Tampa Bay. Tampa, FL. 10 March 2011. Lecture.
Employment Varies State by State
It is common knowledge that the job market is difficult in these tough economic times. The Obama administration has been working hard to find ways to create new jobs for the unemployed. The efforts to increase jobs have been very effective in some states, while other states are finding it difficult to increase jobs.
The Bureau of Labor Statistics recently released a report containing state-by-state employment figures from January 2010 to January 2011. Texas topped the list, adding 253,900 jobs. Coming in behind Texas is California, which added a total of 89,400 jobs. Other states that added over 50,000 jobs are Pennsylvania, Michigan, Illinois, Ohio, and New York.
While some states are seeing big increases in jobs, others are actually seeing a decline in jobs between January 2010 and January 2011. New Jersey lost 20,900 jobs, the most out of any state. Coming in behind New Jersey, Nevada lost a total of 7,800 jobs. Other states that had a decline in jobs are Georgia, Arizona, Kansas, New Mexico, Alabama, and Rhode Island.
Thomas, Scott. “State employment totals (January 2011).” Buffalo
Business First (2011): n. pag. Web. 14 Mar 2011. <http://www.bizjournals.com/buffalo/datacenter/state-employment-totals-january-2011.html?appSession=616100782312532&RecordID=&PageID=2&PrevPageID=&cpipage=4&CPISortType=&CPIorderBy=>.
The Varying Unemployment Rate of Different Occupations
You may have read our article last month that boasts about the unemployment rate falling to 9 percent, the lowest since April 2009. This is potentially good news for many looking for jobs right now. However, this unemployment rate changes based on occupation. Some positions are going to have a much lower unemployment rate, while other will have a significantly higher rate.
The 10 occupations with the lowest unemployment rates range from .4 percent to 1.0 percent. 5 of the 10 occupations with the lowest unemployment rate are in healthcare showing that this industry is growing. The 10 occupations with the lowest unemployment rates are:
- Appraisers and assessors of real estate: 0.4%
- Therapists, all other: 0.4%
- First-line managers of police and detectives: 0.4%
- Locomotive engineers and operators: 0.4%
- Directors, religious activities and education: 0.8%
- Dentists: 0.8%
- Speech-language pathologists: 0.8%
- Detectives and criminal investigators: 0.8%
- Physicians and surgeons: 0.9%
- Occupational therapists: 1.0%
On the other hand, there are some occupations that are seeing a significantly higher unemployment rate. Of the 10 occupations with the highest rate, 7 are in construction. The 10 occupations with the highest unemployment rates are:
- Helpers, construction trades: 36.0%
- Telemarketers: 34.8%
- Structural iron and steel workers: 28.4%
- Roofers: 27.1%
- Millwrights: 25.5%
- Cement masons, concrete finishers and terrazzo workers: 25.3%
- Brickmasons, blockmasons, and stonemasons: 25.1%
- Construction laborers: 25.0%
- Drywall installers, ceiling tile installers, and tapers: 23.9%
- Interviewers, except eligibility and loan: 23.4%
*Information last updated January 12, 2011
Goldstein, Jacob. “Which Jobs Have The Highest And Lowest
Unemployment Rates?.” NPR (2011): n. pag. Web. 2 Mar 2011. <http://www.npr.org/blogs/money/2011/01/12/132859364/which-jobs-have-the-highest-and-lowest-unemployment-rates>.