McKinsey Presents: 9 Scary Facts About The Unemployment Crisis

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The United States will have to create 21 million jobs in the next 9 years to reach full employment, according to a study from the consulting group McKinsey.The report details how this is going to be a long slog. It will take 60 months at our current growth rate to return to pre-recession employment levels, according to the report. And that doesn’t even count all those new employees entering the workforce. More Americans will need to go back to school to get these new jobs, with McKinsey estimating that the market needs 1.5 million more Americans with undergraduate degrees. More worrying: the U.S. could shed 6 million workers without high school diplomas by 2020.

They highlight six sectors ripe for growth: healthcare, manufacturing, retail, construction, leisure and hospitality, and business services. They make up 66% of the labour force now, and will make up 85% of the jobs created this decade.

But while many are trying to get back to work, companies will continue to streamline their teams due technological advances that mean they can do more, with less.

At recent rates of job creation, we won't be at prerecession employment levels until mid-2016.

The US lost more jobs than ever this recession- 8.4 million.

This is what the unemployment rate looks like across the country.

Low skill jobs, like construction, suffered the most losses.

Companies are more likely to lay off excess workers.

Businesses are being created at a slower rate.

Companies say that it just costs too much to pay and maintain American workers.

McKinsey estimates that the workforce will grow by 15 million this decade.

The only way we can put everyone to work is by seriously ramping up job growth.

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