Employment looks promising

Students staring down the barrel at graduation may have more reason to celebrate the recent unemployment numbers than they realize.

The nation’s unemployment rate fell to 9.7 percent from 10 percent in January, signaling—hopefully—the beginning of an economic upturn. Multnomah County’s unemployment rate in December 2009 was 10.1 percent, slightly below the state’s average of 10.8 percent.

The number of teenagers unable to find work is the most dismal. According to the most recent statistics from the Bureau of Labor Statistics, unemployment rates among teenagers ages 16 to 19 is 26.4 percent as of Feb. 5. More than one teen out of four is looking for work.

However, students leaving college with at least a bachelor’s degree should have an easier time finding work.

“It is a difficult market but we do know that unemployment for people holding a bachelor’s degree is about half that of the general population,” said Dee Thompson, director of the Career Center.

The unemployment rate decreases dramatically with education. Nationally, the unemployment rate for people searching for work with less than a high school diploma or equivalent is 15.2 percent. For folks with a high school diploma or equivalent, the rate is 10.1 percent. The rate decreases to 8.5 percent for people with some college or an associate’s degree and for those with bachelor’s degrees or higher the rate is 4.9 percent.

Oregon has had an unemployment rate consistently above the national average since 1997.

John Walker, economics professor and economics department historian, said, “In general, the economy is driven by the construction industry but we’re shifting out of that now. We haven’t found anything that grows faster than the economy.”

He said Oregon has not attracted huge amounts of industry. It is costly to manufacture and ship items in Oregon because of its location. Intel is one of the few exceptions.

Walker believes that focusing on higher education would be integral in creating an economic turnaround in Oregon.

“We’re one of the few states that spends more money on prisons than higher education,” he said.

By putting more money into education the state could attract new talent and have an exportable commodity.

There will be companies represented at the Career Fair for students who want to remain local after graduation.

The Career Fair today, sponsored by the Career Center, is focusing on local employers, Thompson said.

“[Though] unemployment is higher in Oregon, and the majority of students who graduate here don’t want to relocate,” she said.