This study by the Chicago Federal Reserve shows that the unemployment rates for jobs requiring different levels of skill are very similar compared to pre-recession rates. If unemployment were due to an inadequate supply of skilled labor, we would not expect a similar pattern of unemployment across all skill levels. There was a slight difference only within the medium skill level.
The high unemployment rate for recent college graduates, was not a part of this study, but it also suggests that there are a large number of highly skilled, and relatively inexpensive, college graduates who are unable to find jobs. Many of the jobs that recent graduates have taken do not require a college degree. With rare exceptions, there does not seem to be excess demand for highly skilled labor. Unemployment is primarily due to low demand for labor.
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