Where is unemployment low?
Date posted: July 19, 2011
Everyone knows unemployment’s high, but perhaps what’s not as well known is that unemployment rates can vary significantly with a number of factors. N.C. State University economist Mike Walden discusses where unemployment rates are the lowest.
“Well, last year in the nation, the unemployment rate averaged 9.6 percent. But if you were a college graduate the unemployment rate was only 4.7% percent. If you were someone working in the health-care or education sector, your unemployment rate was 5.8 percent. Someone who was in a professional occupation — architect, engineer, lawyer, doctor, et cetera — unemployment rate 4.5 percent. And someone who was age 55 or older, the unemployment rate was 7 percent.
“So, clearly there are both demographic factors as well as factors related to jobs where you have a much lower unemployment rate. Now obviously an individual person can’t do anything about their age. But what this does say is that if you do have an opportunity to manage your career and pick a career, your best chances of keeping a job are, number one, graduate from college to go into a professional occupation and to work in the health-care or education sector.”
Category: Economic Perspective