Interesting numbers have come out related to the job market trends. So far this year, and last, and the one before the expectations have been broken. My take is that COVID-19 forced more companies and transactions online which fundamentally pushed the Digital Era 10 years early than what would be expected. Many of the economic assumptions based in prior eras i.e. Industrial Era are based on physical transference. As more and more online activities occur, it loosens some economic theoretical assumptions/study significance and that is why projections are not fully accurate when fundamental market shifts occur. At least until new theories and explanations come forward. (In theory this is true. Its maybe, most likely, but not guaranteed to be correct. others may have a different model. I'm just going to wait around by the water cooler and see what happens.🚰)
My suggestion, as we debate the purpose of Higher Education, is to increase (not decrease or restrict) knowledge transference in society. The broader the stronger the influence of new ideas on the business market. There are many ranges and layers of things to learn at different occupational levels and at different points in the supply chain. Sometimes a degree and sometimes training. Some may need more technical skills to use in say an auto plant while managers may need updated knowledge for complex business systems that have multiple facets i.e. finance, strategy, applied psychology, economics, marketing, etc.. Truly, adaptable learning organizations seek out new knowledge all the time and make that part of a national strategy (Probably why our patents and innovation are not as high as they should. Patent Data US-China.). Human capital requires a certain level of knowledge in the modern digital advanced manufacturing market to fully maximize its contribution.
Could implementing broader applied management skills impact systems to function at a higher caliber to meet market needs? Could that be part of the process of updating American businesses at different organizational size levels? (I didn't go to an elite school so for the most part I may be limited in my contributions on these topics. We know how it is in real life. I had a pretty good education, just not rewarded in the market because the school wasn't elite. University Innovation. No matter what school people graduated from, most of the projections by economists have been off. That is normal. Burn the Degree Keep the Knowledge. The Harvard of Hard Knocks teaches you that if you don't have a solution that solves or explains your problem then you might look for a new one. Schumpeter Creative Destruction Unindoctrinated! The more socialized one is to academic language they often become neural primed to accept only a few big name theorists in which to see the world and its problems. The lens! It is limiting but they like to quote seminal authors so its hard to have discussion about new solutions. In practically it is the most unique that sometimes solves the biggest problems. Blue collar life teaches that you can't always buy the things you need so you better invest in a descent reasonably priced multitool-I frequent the small town hardware stores all the time! Love them! Small business owners do that often. America needs to build, build in multiple directions, and think 'out of the box' on most issues. If the problem requires this tool versus that tool, you might want to have something handy. )
Sorry, its sort of theory dribble, dribble, feel free to discard........
U.S.. BLS Feb 2nd Stats. If you drill down into each of the growth sections and mapped those you would like see some trends on which types of activities are growing in the economy. Keep the big idea of economic transitions in mind as you think through what type of skills schools should be enhancing to meet those trends (You can go down rabbit holes discussing broad versus specific skills. I often think in terms of competencies. I developed with help from a few others a whole triangulated competency system designed to ensure schools teaching the rights skills based on multiple market data points. To me, developing skills needed by the market is part of the process of personal and economic development. I also think its important to develop basic character. Sounds good anyways. 🤔)
As a sort of side note, to keep wages rising above inflation may mean updating skills and technology at the same time so as to maximize inherent global value of American labor efforts. Just an idea. 🤷 Let us see what AI and new emerging tools bring.
"Total nonfarm payroll employment rose by 353,000 in January, and the unemployment rate remained at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, retail trade, and social assistance. Employment declined in the mining, quarrying, and oil and gas extraction industry."
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