First, let me apologize for the gap between posts. I’ve been immersed with other members of the VisibleEconomy crew developing videos that combine the best of news and education. In a month or two we are going to roll out a line of news videos entitled VisibleCareers–short, fast-paced news videos focusing on key events and changes in the economy that young job seekers should know about (the VisibleCareers site will be up soon).
As part of that effort, I’ve been developing new job market indicators. One question that people often ask: Where are the new jobs being created? But they are really asking: Where can people like me find a job?
So assuming that most of the people reading this blog are college-educated, here’s a table that shows where young college graduates (aged 25-34) are finding jobs over the past year. The number for each industry represents the increase in collegee-educated employment, comparing the year ending August 2010 with the year ending August 2009.
Immediately obvious: Government has been the main hirer of young college grads over the past year . And why not? Government jobs are safer, they pay well, and have better benefits than the private sector. The next biggest hirer of young college grads is the broad category entitled professional and technical services, which includes such industries as law, accounting, computer systems design, and management consulting. These industries as a whole have not been expanding, or expanding only slow–but they have been shifting towards better-educated workers.
Then comes the distressing category: Hotel and restaurants. We hear anecdotes about young college grads being forced to work as waitstaff in restaurants, and here’s one indication that might be more common than we would like–the number of young college grads working in hotels and restaurants is up 33K over the past year.
Two industries that I lump together in my mind as the ‘social and community’ sector are social assistance and membership associations. Now, for sure, not all the enterprises in these two industries are nonprofit. But in some sense, they are directed towards broad social goals. Total young college grad employment in the social and community sector is up about 60K.
One final but important source of jobs for young college grads is the communications sector, which for me includes industries such as telecom, internet publishing, and broadcasting. Young college grad employment is up about 18K in these industries. Please note–I was formerly in publishing, and now I’m in internet publishing–two different industries.
Which sector is worst? Finance, of course, which has been shedding young college grads like crazy.