With nearly half of all American adults out-of-work and a second wave of the coronavirus making itself known with governments at the state, federal and local levels issuing varying orders affecting daily life, new entrants into the labor market, the young college graduate or not, are rightfully concerned.
Nearly half of the population is still out of a job showing just how far the U.S. Labor market has to heal in the wake of the coronavirus. The employment- population ratio—the number of employed people as a percentage of the U.S. adult population—plunged to 52.8% in May, meaning 47.2% of Americans are jobless, according to Bureau of Labor Statistics.
As the coronavirus-induced shutdowns tore through the labor market, the share of population employed dropped sharply from a recent high of 61.2% in January, farther away from a post-war record of 64.7% in 2000. This ratio is a broader look at the employment picture. It takes into account adults not in the labor force and captures those who were discouraged about the prospects of finding a job…
June 29: CNBC (Yun Li)
In confronting the difficult labor market, it is important, as we’ve previously discussed in Employment Conundrum and The Distressing American Job Situation, that employers can easily recognize an individual’s aptitude, reflected in a passion and determination which produces a quality output that to a bystander seems effortless. Those who have an understanding of their inherent abilities or purpose are more likely to weather the economic storm over those who don’t because they will typically be more noticeable and better networked and have a body of evidence that proves they are the more qualified candidate in the tightest of labor markets.
For advising about complex educational decisions to prepare any student for the challenging labor market, check out Creative Marbles Consultancy