On the other hand . . .
When sizing up the job market, most of us focus on the unemployment rate, the lower the better right? Well mostly, but on the other hand . . . ah yes, that’s it, economics 101, and the laws of supply and demand!
So how is the media industry really stacking up in what otherwise seems to be a good market for job seekers? Well maybe not so well after all.
The Conference Board, which publishes a series of economic indicators such as its well known Consumer Confidence Index, also publishes two labor market indexes. The one we pay attention to here at mediabistro.com is the Help-Wanted OnLine Data Series.
According to the May release, the supply and demand ratio for “Arts, design, entertainment, sports, and media” occupations was 2.55 which means there were two and a half unemployed people with a primary occupation in that category for every 1 online ad in the category during April, 2007. This is almost twice the national average of 1.5 for all occupations. Not so great. (The index is too new to provide much historical perspective.) But on the other hand . . .
. . . the index for the broadly defined “Management” occupations is 0.60 and just 0.15 for “Computer and Mathematical” occupations, both of which categorize many jobs in media for the sake of government statistics.
Thinking of returning to the land? Think again, the supply and demand ratio for “Farming, fishing, and forestry” was 31.5 unemployed for every online job…on the other hand when whas the last time you saw a online ad for a farmer?
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