The April jobs report released positive news indicating that the post-pandemic recovery is well underway, with the addition of 428,000 jobs to the economy. However, according to The Burning Glass Institute’s latest report, titled “The Through-the-Looking-Glass Recovery,” a closer look reveals that nearly one in six U.S. industries have not yet recovered from a jobs decline of 10% or more. This report offers valuable insights into the monthly job numbers and provides data on industry occupations, painting a comprehensive picture of the complexity of the U.S. jobs market.
Matt Sigelman, President of The Burning Glass Institute, noted that the pandemic has accelerated permanent changes within U.S. industries. While the job market has recovered to 99% of its prior strength, the economy we are returning to is not the same as the one we left behind. The Through-the-Looking-Glass Recovery highlights important structural and cyclical changes that have been ongoing behind the widely publicized recovery statistics, indicating significant shifts in the job market.
The report documents six secular trends that are reshaping the employment landscape, shedding light on which ones are likely to be permanent. It delves into how major shifts in consumer and business behavior, such as the rise of remote work and the shift to online commerce, translate to labor market disruptions. This has led to significant worker displacement as jobs shift from one industry to another, potentially causing mismatches between supply and demand. The report provides insight into where these mismatches could be occurring.
It is clear that the labor market will never fully return to its pre-pandemic shape, and it is crucial to understand the changes and their potential permanence in order to minimize mismatches and address the current talent shortages. The report outlines how educators, employers, and policymakers can respond by realigning education programs, proactively building talent pipelines for emerging demand, and bridging the gaps between workers and industry.
The Burning Glass Institute is committed to advancing data-driven research and practice on the future of work and workers. Through collaboration with educators, employers, and policymakers, the organization aims to develop solutions that promote mobility, opportunity, and equity through skills. For more information, you can visit their website at https://www.burningglassinstitute.org/.
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