Marion County’s unemployment rate could not be much better than it is now. The figure stood at 4.5 percent in November. That’s better than at any single month since at least 1990, which is as far as readily available state data reaches back.
This is really remarkable when you look at it. Think of all the economic twists and turns over that time: A recession in the early part of the ‘90s followed by a boom during the rest of that decade before the dot-com bubble burst. Then a strong resurgence until the housing market collapsed in 2008, then a slow recovery. Throughout all of that, including two significant growth periods, more people who want a job have one in this county than during any of those years.
The national and state job pictures are equally strong right now.
But you notice a key caveat I used, which is always present when discussing the unemployment rate. That is, “people who want a job.” That’s all that is tracked by unemployment rate. Unemployed people are defined as those who don’t have a job and are actively looking for one. If they’ve given up or otherwise aren’t seeking work, they’re not counted.
A major problem in the U.S. economy right now is the percentage of people who work, called the labor force participation rate. The finger often gets pointed to abuse of the disability system, which is certainly true, but a larger effect is caused by an aging population.
Marion County is certainly not immune from that. The percentage of residents 65 and older increased three percent between 2010 and 2016, according to the Census Bureau. Now 17.7 percent of the county’s population is in that grouping that has traditionally been retirement age.
Two results from that:
1. More people are working past the time they are eligible to retire or receive Social Security. In my mind, that’s not a bad thing in most cases. It keeps people active and engaged; the philosophy to never completely retire but just gradually cut back is a good one.
2. There will be more opportunities for jobs for younger people, particularly in health care, as the population ages. The U.S. Bureau of Labor Statistics says employment is projected to increase by 11.5 million to 167.6 million from 2016 to 2026.
“Health care industries and their associated occupations are expected to account for a large share of new jobs projected through 2026, as the aging population continues to drive demand for health care services,” the agency said in a recent report. “The labor force will continue to grow slowly and to become older and more diverse.”
For young people considering careers, that means health care is a good option. Of course that requires at least three key things:
1. You’ve got to have some aptitude in biology and other science courses, which can be difficult.
2. You’ve got to stay off drugs to work in health care.
3. You’ve got to want a job. That entails little details like showing up, not wasting time with non-work-related activities and being pleasant about it all.
Do that and your future employment opportunities are robust.
Reach C-P Editor and Publisher Charlie Smith at csmith@columbianprogress.com.
