Who is Missing from the Labor Force?

As we celebrate the achievement of American workers on this Labor Day, we shouldn’t forget those who are left out of the labor market. The labor force participation rate, which is the percent of the civilian population 16 years and over who have a job or are looking for one, hasn’t been lower since 1978.

Economic Impact: Student loan debt is rising

Household debt surpassed its 2008 recession peak in the first quarter of 2017, according to a recent report from the Federal Reserve Bank of New York. As of March 31, household debt stood at $12.73 trillion, a $149 billion, or 1.2 percent, increase above the previous quarter. Mortgage balances, which make up the largest amount of debt, rose 1.7 percent to $8.63 trillion.

Economic Impact: Health care and retail jobs will be in demand during the next 10 years

What jobs will be in hot demand in the Richmond region during the next decade? Jobs in the health care and social assistance sector and in the retail industry top the list. For instance, the health care and social assistance sector is expected to need nearly 40,000 workers in the Richmond metro area over the next decade, according to Chmura Economics & Analytics’ JobsEQ technology platform.

Economic Impact: Manufacturing industry still challenged but the sector has changed

Manufacturing often gets a bad rap. That’s probably because the sector has declined by more than 4.9 million jobs since January 2000. The industry also has perception issues. Who wants to work in a dirty old factory with oil on the floor and dust in the air? But the manufacturing industry has changed - it is more high tech and offers better wages, making for a good career choice.