According to a recent study, workers have been forced to change their field of employment during the slower economy.
A report from the Federal Reserve Bank of San Francisco economists studied government data and found that more people than before were taking jobs in different industries. The Wall Street Journal reports that part of the reason for the slow recovery in the job market was due to lower consumer demand, and not a lack of skilled workers, as many believe. According to the paper, some have speculated that the news means action from the Fed is warranted.
“The analysis in this paper shines a new light on the source of the decline in match efficiency; it is largely due to the change in the occupation mix of job openings and hires,” the Fed stated in its report.
In July, the Federal Reserve came out with its Beige Book, which examined 12 different job markets around the country. Major regions such as Philadelphia, New York and Cleveland all experienced slower job-growth figures.