Saturday, February 04, 2012

US Jobs Recovery Will Take Years

According to forecasts by the Hamilton Project, a full US jobs recovery will apparently take many years given that the US is currently creating approximately 200,000 new jobs per month.

When one considers that the US resident population is currently growing at approximately 250,000 new residents per month, the job growth reported above becomes irrelevant. Hence, job opportunities in the US will likely remain tight for many years into the future (and perhaps indefinitely).

My best advice for career seekers is to acquire world-class skills that sell at a premium in the global marketplace as early during your life as possible, and then to convert those skills into premium wages. Additionally, a significant portion of one's earnings should be invested into high quality long-term equities throughout one's life in order to build an estate that supports financial independence.

For those who choose instead to avoid skill acquisition and investment planning, life is likely to get much tougher in the coming years...

Source: Yglesias, M (2012, February 3), The Long Road to Full Employment, Slate.

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