Tags: Glassdoor.com | Jobs Market | Economies | HIring

Glassdoor.com's Hohman: It's a 'Tale of Two Economies'

By    |   Friday, 06 December 2013 07:40 AM

Our nation's job market presents a study in contrasts, with the highly-educated thriving and others suffering, says Robert Hohman, co-founder and CEO of job-listing website Glassdoor.com.

"What we're really seeing right now is a tale of two economies," he told CNBC. "We're seeing a tremendous demand for highly-educated, highly-skilled jobs with a strong service component."

Workers in engineering, oil and financial services are doing well, Hohman says. "We're seeing that at levels we really haven’t seen almost since the late 1990s," he said. "We're almost reaching crazy levels, especially in the [San Francisco] Bay area in terms of a war for engineering talent."

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But for less educated workers, the picture isn't so pretty, Hohman says. "The unskilled portion of the economy has not enjoyed nearly the recovery that the skilled portion of the economy has," he said.

"That's why unemployment has stayed above 7 percent, compared to under 5 percent that it was the last time we saw this kind of crazy competition at the high end [the late 1990s]."

The unemployment rate registered 7.3 percent in October.

As for the gap between rich and poor in the United States, while income distribution is more unequal here than in other wealthy countries, "this doesn’t mean that the American poor are worse off in absolute terms," writes Forbes contributor Tim Worstall.

For example the bottom 10 percent of Americans garner 39 percent of U.S. median income. But the bottom 10 percent in Finland and Sweden receive only 38 percent of their countries' median, he says.

President Barack Obama earlier this week claimed that the dream of upward economic mobility is breaking down and the growing income gap is a "defining challenge of our time."

"The basic bargain at the heart of our economy has frayed," the president said. "It should compel us to action. We're a better country than this."

He vowed to focus the last three years of his presidency on addressing the discrepancy and a rapidly growing deficit of opportunity that he said is a bigger threat than the fiscal deficit, the Associated Press reported.

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Our nation's job market presents a study in contrasts, with the highly-educated thriving and others suffering, says Robert Hohman, co-founder and CEO of job-listing website Glassdoor.com.
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Friday, 06 December 2013 07:40 AM
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