So How Is The Labor Market Looking?
Given our connectivity with middle market and large corporations across the greater Charlotte region, the Croixstone team is asked this question almost every day.
Our answer? It’s simple.
The story varies greatly based on education level attained.
As of May 2020, the unemployment rate for those with a Bachelors degree or higher was significantly lower than the 15.0% rate for high school graduates with no college degree:
- Bachelors Degree: 8.4%
- Masters Degree: 5.6%
- Professional Degree: 5.9%
- Doctoral Degree: 3.5%
Keep in mind that economists have long believed that the overall economy is at “full employment” at a rate of around 5%.
Based on our understanding of these rates and ongoing discussions with c-suite leaders, the Croixstone team believes ample career opportunities continue to exist for highly-educated professionals in today’s workforce.
That said, the market is certainly more competitive in 2020 than the past several years. For that reason, professionals in career transition mode are wise to focus on their personal branding and professional networking strategies to ensure a competitive edge.