{"id":"9f9c17be-43c9-4199-8d8c-af64aa21e3c8","slug":"the-overlooked-issue-in-us-unemployment","title":"The overlooked issue in US unemployment","authors":["Edward E. Gordon"],"abstract":"Background: The December 2013 Bureau of Labor Statistics (BLS) report indicated a paradoxical decrease in the unemployment rate from 7% to 6.7%, despite only 74,000 new jobs being created. This decline was largely attributed to approximately 500,000 individuals ceasing their job search, thus removing themselves from the unemployment calculations. The labor participation rate fell to a 35-year low of 62.8%, reflecting a significant shift in the workforce dynamics. Methods: The article analyzes BLS data and various surveys, including an Accenture 2013 Skills and Employment Trends Survey and a 2014 McKinsey survey, to assess the relationship between job vacancies and the skills of unemployed workers. It also compares labor participation rates across different age groups from 1999 to 2013 to highlight trends in workforce participation. Results: The analysis reveals a significant decline in labor participation among workers under 45, while participation among those over 60 has increased. The research estimates that there are approximately 7.2 million unfilled jobs in the United States, with a prediction of 14-25 million vacant jobs by 2020 due to a skills mismatch. The findings underscore a structural unemployment issue that has persisted for the past decade. Conclusion: The disconnect between available jobs and the skills of the workforce poses a critical challenge for the US economy. Without addressing this skills-jobs mismatch, the potential for a major economic crisis looms. There is an urgent need for concerted efforts from both business and government to reform the education-to-employment pipeline. Keywords: unemployment, labor participation, skills mismatch, job vacancies, structural unemployment, economic crisis, workforce dynamics","thumbnailUrl":null,"publishDate":"2014-02-21T00:00:00.000Z","doi":"10.4103/2152-7806.127755","categories":["Original Article"],"fullTextUrl":"https://surgicalneurologyint.com/wp-content/uploads/2015/05/3829/SNI-5-21.pdf"}