ALL STATES: Exploring Careers in Economics - Fall 2020

The Federal Reserve welcomes students via webcast to discuss career opportunities and diversity in economics.
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STATE NEWS: California's Need for Skilled Workers

In a 2020 report from the Public Policy Institute of California, Higher Education in California: Meeting California’s Workforce Needs, a skilled workforce is key to a thriving California economy. Funded by the Bill & Melinda Gates Foundation and the Sutton Family Fund, the report summary goes on to say...

"Strong and growing demand for highly educated workers has been a hallmark of the state’s economy for decades, and forecasts show this demand continuing into the future. If current trends continue, about 40 percent of jobs in California will require at least a bachelor’s degree by 2030. Failing to keep up with the demand for skilled workers could curtail economic growth, limit economic mobility, and increase inequality.

The importance of increasing the number of college graduates goes beyond workforce needs. Individuals with higher levels of education earn higher wages and enjoy greater job security and non-wage benefits. The state as a whole could also benefit from lower unemployment and poverty rates, lower demand for social safety net programs, lower incarcera­tion rates, higher tax revenue, and greater civic engagement.

The challenge of increasing the number of college graduates in California is heightened by demographic shifts toward populations that have historically been underrepresented in higher education. Meeting this challenge requires sustained coordination across educational sectors—from K–12 schools to public and private universities. It also involves measuring student progress and identifying effective programs and policies."

Our analysis of the report is that in order for California to continue to thrive economically it needs skilled workers who have a college degree. If those potential jobs that are projected to be 40% of the total are remotely true and need to be filled, the state would need to increase the number of college graduates. Getting a college education in a school that has a location in CA and online presence may present economic opportunity for the state and the student / potential skilled employee.

STATE NEWS: California's Need for Skilled Workers

According to the Public Policy Institute of California, if recent trends continue, California is likely to face a shortage of workers with some college education but less than a bachelor’s degree by 2025. State and federal policymakers have increased their focus on boosting educational opportunities for this segment of the workforce. The report examines labor market outcomes among workers with some college training to shed light on the types of jobs that hold the most promise for future workers and the state economy.

SKILLS GAP NEWS: It’s never been this hard for companies to find qualified workers

PUBLISHED WED, FEB 19 20206:58 AM ESTUPDATED WED, FEB 19 202011:07 AM EST

According to an article by Jeff Cox, about 7 in 10 companies reported talent shortages in 2019, the worst level ever, according to Manpower Group.
The level is more than three times higher than a decade ago.

“The labor market just gets tighter,” said Becky Frankiewicz, president of Manpower Group North America. “There’s a talent shortage. People are realizing that it’s a bit of a crisis.”

Our analysis is that in order to reap the benefits of a talent shortage, become the talent in demand. Now, let's find a school!

STATE & SKILLS GAP NEWS: Houston Skills Gap Report

According to an article by JPMorgan Chase & Co, there is high demand for middle-skill workers in the Petrochemical Industry and Commercial/Industrial Construction.

Forbes Report

According to an article in Forbes debunking the red herring skills gap research, the rise in required skills has genuinely been driven by jobs becoming more complex because of new technologies or new business processes.