People are biting their nails these days about the economy. Bolstered by media reports comparing the current economic downturn to the Great Depression, workers of all stripes are worried about losing their jobs.
I can’t help but wonder whether people like me, a Gen X knowledge worker, have anything to worry about. How secure is my job? Are my concerns about the worsening economy rational? Have I been duped by reporters entangled in a media frenzy that sensationalizes and embellishes the truth?
A few weeks ago, when a colleague forwarded me a link to an interactive map showing job losses across the country, my heart rate quickened a bit. In January 2007, the map is a swath of blue, indicating job growth in most areas of the country. In the latter months of 2008, however, the map slowly turns blood red as job losses accumulate across the United States. The massive job losses in the Northeast, where jobs in the financial sector are concentrated, as well as the industrial Midwest suggest that no one is immune from the economic downturn. Factory worker or financier, Walmart greeter or high-tech wizard, the map suggests that we’re all equally vulnerable to getting a pink slip.
The map doesn’t tell the whole story, however. In a recent Newsweek article, Zachary Karabell argues that the job loss data is more nuanced. While the unemployment rate is nearly 9% among all workers in the U.S., it’s as high as 13% among workers without a high school diploma and as low as 4% among college-educated workers over the age of 25. Compared to less educated workers with fewer skills, young professionals are fairing pretty well during the economic downturn.
NGC’s research supports Karabell’s more nuanced view of the economy. A few months ago, we surveyed 350 young professionals and asked about their perceptions of the economy and their financial well-being compared to a year ago. While nearly all of the respondents (95%) indicated that the economy has deteriorated over the past year, fewer than half of the respondents (39%) said that their financial well-being has been adversely affected by the economic downturn.
What are your thoughts about the job loss hysteria that seems to be gripping workers of all stripes across the country? Do young, college-educated knowledge workers have anything to worry about? Share your story with us.
Comments
The recession is very real, particularly in major urban areas such as New York City. Perhaps I know many of those 4% of college-educated unemployed people over age 25. They are here in New York, LA, Salt Lake City, Austin and Indianapolis. This economy has affected so many of my friends, peers, and family members, that there was seldom a day for months where I wasn’t affected by it in some fashion. With two of my best friends unemployed, we put together a creative endeavor to share our struggles and what we believe people our age can do to turn the tide. Explore our musings at reassession.wordpress.com.
I believe there is great hope and opportunity for those of us Millenials who continue to define our lives not by what we do for a living, but who we are and what we do to lead lives full of authenticity, balance, service and yes…play.
Hi Grace, I love your take on this issue. When I lived in the San Francisco Bay area (2000-2005), I was amazed by the extent to which people defined themselves by what they do for a living. At parties, people would often introduce themselves and immediately state their occupation and/or workplace. “Hi, I’m Jim…I’m a CPA” or “Welcome, I’m Jenny…I work at [insert name of Silicon Valley tech company].” I would sometimes respond with “Hi, I’m Marty…I like horseback riding and walking on the beach.”
If there is a silver lining to the recent economic downturn, I think that it’s forcing people to get back to the basics and think about what’s really important in their lives. Thanks for sharing your thoughts and keep up the optimism!
