emerging economies
DESCRIPTION
Global economy information and how careers in the US are affected.TRANSCRIPT
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Emerging Economies
Where do we stand - and a Need for Change
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Look at the Headlines for Trends
• 90% of the fastest growing jobs will require post-secondary education
• Business is spending billions per year to train new employees and remediate skill gaps
• We have an aging workforce – 77 million baby boomers are retiring in the next 10 to 20 years.
• The Lack of US trained scientists and engineers is a direct threat to US innovation leadership.
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Consider 20 teenagers entering the 9th grade today
• 6 will NOT graduate high school • 6 or 30% will enter the workforce directly from
high school• 8 will go to college• ½ of the 8 will drop out of college• 4 will graduate from college• 2 of those will be in high skilled occupations• The other 2 will be underemployed.
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The UnitedStates is stillamong the topnations in theproportion ofolder adultsholding acollege degree
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…but it dropsto 7th in theeducationalattainment ofyoung adults.
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The U.S.remainsamong theleaders incollegeparticipation
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but it ranksin thebottom halfin collegecompletion.
% of students with degrees/Certificates or completion ofcollege
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Today’s students have been raised in a TECHNOLOGY based world
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China is Stabilizing the US & World Economy
China is the Largest buyers of US Treasurybills
China owns $1 TRILLION US bonds
China will increase by 25% per year for next 20 years
More than ½ of the population of China is under the age of 25.
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CHINA by numbers• As of 2005, China had 160 cities of 1 million or more
people. The USA had 9 and all of Europe had only 36. • Estimates of numbers ranging from 90 to 300 million
Chinese have migrated into coastal cities in China. • In China, $1.00 buys approximately what $4.70 buys in
Indianapolis, Indiana. • China is coming up on a 30 year run in which its
economy has doubled nearly 3 times over. • In 2005, China manufactured nearly 40% of all of the
furniture sold in the US.• In 2003, China bought 7% of the world’s oil, 25% of the
world’s aluminum and steel, 33% of world’s iron ore and coal, and 40% of the world’s cement
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• You earn in one hour what the average Chinese earns in 1 year
• 100 new Megacities (cities with 10 million plus people) will be built in China by 2015
• By 2020, China will be the largest consumer market, more than the US and Europe combined.
• China is locking up billions of oil future contracts in anticipation of future demand.
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China has:• 220 Million surplus workers• More people that speak English as a
second language than the US has people• More people using the internet than there
are people in the US• 5 million new people monthly signing up
for mobile phone services
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The job market is changing, and the required skills to compete in that job marketare changing.
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It was completely the opposite in 1950 – with 65% of the jobs being for unskilled, and skilled being about %15.
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In 1950, about 50% of the jobs were for unskilled labor and only about30% for skilled labor.
But in 2014, it is projected that unskilled labor will only account about5% of the jobs and skilled labor nearly 75% of jobs
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Because we are becoming a World Economy
Our children may become the first US born citizens to seek job opportunities abroad; And they will be competing with highly skilled people at lower pay.
Today’s workforce in the US has been described as falling into 3 categories:
~25% well educated with special skills
~25% “Walking Dead”, need to acquire new skills to be employable.
~50% “Techno-Peasants” poorly educated with few career skills.
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Who is at RISK?
• Anyone with low skill levels, training, and education.
• People performing routine jobs requiring low to medium skill levels.
• High school graduates with no further certification and training
• Of course, high school drop-outs.
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