Data, Data, Data! This week’s installment of the CTE Research Review takes a look at new data from the Bureau of Labor Statistics (BLS) and the New York Federal Reserve.
Analysts at BLS are diving deep into their datasets to pull out trends on manufacturing employment and reemployment rates by industry. Using its Current Employment Statistics datasets, BLS found that Los Angeles had the largest total population employed in manufacturing; however, when taken as a percentage, Elkhart, Indiana (also the “RV and Band Instrument Capital(s) of the World,” according to Wikipedia), took the top spot, 47.8 percent of the working population employed in manufacturing.
BLS also examined reemployment rates for displaced workers by industry – those who were employed for at least three years but lost their jobs through layoffs or because a company closed. Although the analysis does not consider whether workers were reemployed in the same industry, it showed that industries such as hospitality, construction and information (such as telecommunications) posted the highest overall reemployment rates.
Over on Liberty Street…
This week, the Federal Reserve Bank of New York released a series of posts on their blog, “Liberty Street Economics,” examining the value of a college degree, which are all related to an article it released in June.
The third post in the blog series found that a quarter of those who earn a bachelor’s degree reap little economic benefit. In fact, the bottom quartile of baccalaureate holders had nearly identical wages to those with a high school degree. Another post also points to the diminishing economic rewards for students who don’t finish in four years.
These numbers poke yet another hole in the baccalaureate-only focus of the college-for-all mantra. By overlooking the broader set of postsecondary pathways, students – and not just those who may fall in the 25th percentile – may be missing their chance to earn a family-sustaining wage with job security and mobility.
Andrea Zimmermann, State Policy Associate