A report from the New Hampshire Employment Security paints a cheerier picture for advanced schooling employment than February’s discharge of the unadjusted Current Employment Statistics. The NHES ran the dataset through its formulas which showed that because the number of jobs just before 2008 were smaller than was originally reported, the differential between your number of jobs available now and 5 years ago isn’t as large as previously thought — and there’s a surprising boost in private advanced schooling employment.
Still, prior to the 2008 economic decline, the private sector was producing about 9,300 additional jobs which have been lost because of the economic collapse. Along with private sector job losses, a lot more than 2,500 public sector jobs also have disappeared over this era.
Although the report relays bad news for jobs in sectors like construction, there is an unexpected silver lining in private higher education. According to NHES economist Annette Nielsen, this increasing demand for education workers is the realization that college degrees are becoming vital for future employment, along with the pressure developed by the lackluster employment market pushing students to stay in school past the time when they’d hoped to graduate.
For example, those with associate’s degrees might wish to wait out an unwelcome employment climate by continuing to a bachelor’s degree, while those with a four-year degree are utilizing the same kind of thinking to warrant enrolling in a graduate program.
There’s also a small demand from those who are using the hiring lull to return to school to retrain inside a different profession that may prove to be more recession-proof.
Health care and Social Assistance is another sector that has grown through the recession, because the baby boomer population reaches retirement age. In addition, and maybe connected to the previous category, the Leisure and Hospitality sector is constantly on the add jobs, albeit at a slow pace.?Finally, as mentioned above, Government tasks are down 2,500 over the five-year period. There is more for this than you would think, though. There are 7,300 federal jobs today, 500 less than in 2008; there are 13,200 state education jobs in February 2013, up 1,300 since 2008; there are 13,000 (non educational) state jobs, that is down 800 over 5 years, and local government, which had 63,500 people in 2008, has 61,000 today, as towns and cities struggle to balance budgets.
Higher education led to the improving unemployment numbers in one other way. The February 2013 unemployment rate for New Hampshire decreased by .4% to 6.1% thanks partly to colleges and universities reopening for their spring terms, thus boosting employment in companies that derive a few of their income from servicing students who\’re returning to their campuses.