My favorite New Jersey economist has a posting regarding unemployment and he states that there really is no structural change, namely it is uniform. He states:
....that unemployment is about shifting workers out of construction. As Larry points out, the BLS provides data on the previous employment of the unemployed. There were 7.7 million more unemployed workers in 2010 than there were in 2007; of those extra 7.7 million, only 1.1 million had previously been employed in construction.
However as we have been showing for the past two years, using 2005 as a baseline we see a major shift in employment from manufacturing and construction and the private sector in general to government supported and government only employment. Just look at our monthly analyses for the past two years plus. The issue is employment not unemployment.
Oh well, I am just an engineer by training, I get so messed up with facts!
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- Florham Park, NJ, United States
- Terry has spent most of his career in industry, half in corporate executive positions, and half involved in his start ups. He started on the Faculty and Staff at MIT in 1967 and was there until 1975, and he had returned to MIT from 2005 to 2012 to assist groups of doctoral and post doc students. Terry has focused on a broad set of industries from cable, to satellite, wireless, and even health care software and medical imaging. Terry has published extensively in a broad set of areas as well as having written several books. Terry has returned to Medicine on Boards at Columbia University Medical Center. Copyright 2008-2024 Terrence P McGarty all rights reserved. NOTE: This blog contains personal opinions of the author and is not meant in any manner to provide professional advice, medical advice, legal advice, financial advice. Reliance on any of the opinions contained herein is done at the risk of the user. For publications see: https://www.researchgate.net/profile/Terrence_Mcgarty
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