Electrical engineering graduate workers in the United States are going to have to work up to 10 years to find a job, even though there is no shortage of job openings.
The Federal Reserve said Wednesday that job seekers with bachelor’s degrees will have their chances of finding work slashed by up to 20 percent by the end of next year.
The move follows years of efforts by President Donald Trump to ramp up hiring.
It also is part of a broader economic shift away from manufacturing, as the nation continues to invest heavily in advanced technologies.
The economy is growing more slowly than expected and has suffered a deep recession since 2009.
Trump’s push to bring jobs to the U.S. is expected to lead to a more-balanced economy, which would benefit everyone, said Mark Weisbrot, chief U.C. Berkeley economist.
“This is about the country being more dynamic, more open and more open to ideas, not less dynamic, less open,” Weisbart said.
The Fed said the change would not affect the number of people who can work in a field they have studied, but the changes will impact how much companies are willing to pay for training and training-related experience.
The unemployment rate will stay about 7 percent, according to the Fed, which has said it expects the unemployment rate to stay about 8 percent through 2019.
It will be a while before employers see the changes.
The Fed said some industries will see their hiring gains in 2019 and 2020, but it expects most companies will be “relatively slow” in hiring.
Weisbart expects a significant drop in the number and size of jobs in the industrial manufacturing and construction sectors in the years ahead.