An economy that works: Job creation and America's future

Ever since the recession 2008-2009 , American economy has suffered a huge setback in terms of Job loss.Since the formation of a new government, which is focused on addressing this issue , the challenge still looms larger.
The job creation process has been slow, and it is still a mammoth task a head for the country to provide jobs for the future recruits as well as the present unemployed workforce.

Following is an excerpt from McKinsey survey indicating the areas from which future jobs will be created and how to create sustainable jobs and throws light on the growing gaps in skill and education that slows down the employment.


An economy that works: Job creation and America's future:

• The US needs to create 21 million new jobs by 2020 to regain full employment – and only achieves this in our most optimistic job growth scenario.
  
  
• The US workforce will continue to grow until 2020, but under current trends, many workers will not have the right skills for the available jobs. Technology is changing the nature of work: jobs are being disaggregated into tasks, work is becoming virtual, and firms are relying on flexible labor (temporary, contract workers)
• Seventy-one percent of U.S. workers are in jobs unfavorable to robust income growth. While there is no single cause or "silver bullet" remedy for rising income dispersion, upgrading the productivity, skills, and rewards in the service sector is the key challenge.