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Labor Market Trends

Labor Market Trends. 3.3. Occupational Trends. Job market shifts to what the economy is producing History Agricultural Factories Heavy Industry, corporations and unions Electronics Computers. Service jobs vs. Manufacturing jobs. Service industries rise

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Labor Market Trends

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  1. Labor Market Trends 3.3

  2. Occupational Trends • Job market shifts to what the economy is producing • History • Agricultural • Factories • Heavy Industry, corporations and unions • Electronics • Computers

  3. Service jobs vs. Manufacturing jobs • Service industries rise • financial, on-line, health care, restaurants, hotels, consulting • Manufacturing jobs move overseas to reduce costs • Result • fewer unskilled/semi-skilled jobs • more skilled/professional jobs

  4. Changing Worker • 1950s American Worker • White male, high school graduate, works 40 hours/week for 20-30 years at the same business • College Graduates • People need human capital to get a job • Education, training or experience • Learning Effect- More education= more $ • Screening Effect- College education shows employer the worker is smart, dedicated, and can complete tasks • Opportunity cost between future earnings and cost of tuition

  5. Women • Increased education = higher human capital = higher earnings • Roles have changed (Housewives to professionals) • Rise in costs require two incomes • Rise in divorce rate requires women to be self supportive • Temporary Workers • Largest employer of workers (Contingent) • Flexible can easily add & subtract as needed • Paid less • No Benefits

  6. Trends in Wages and Benefits • College education is almost a requirement • Degree still leads to minimum pay entry level jobs • Wages are higher for Skilled and Professional jobs • Wages are lower for unskilled and semi-skilled jobs • Foreign competition • Benefits are more expensive • Companies either cut benefits, hire temporary workers, or move overseas to maintain profits

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