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October jobs report brings optimism, but COVID-19 fatigue could undo the latest gains
The U.S. economy added nearly 640,000 jobs during October, dropping the unemployment rate below 7%.
FORT WORTH, Texas - The U.S. economy added nearly 640,000 jobs during October, dropping the unemployment rate below 7%.
While there is wide optimism based off that latest report, there are concerns the economic rebound since the nationwide lockdown may reverse itself.
SMU economist Mike Davis said he's "happy" with this latest jobs report.
Still, he's worried about the next couple of months.
COVID-19 cases continue to climb in many parts of the country.
Flu season is here and the job market is evolving.
Many North Texas schools are adapting to that change and trying to prepare students for this new marketplace.
“We have a long way to recover, but this was a good jobs report,” Davis said.
Davis said he is feeling optimistic about the October jobs report.
Last month, the U.S. added 638,000 jobs and the unemployment rate fell to 6.9%.
“We know the COVID mess was a disaster to our economy and whole lot of people lost their jobs, but they seem to be going back to work and that's great,” Davis added.
But the types of jobs that may be "in demand" are changing, in large part due to the pandemic.
“Nobody knows for sure what the new world will look like, but it's certainly going to be the case that people discover they don't need to be in the office every day,” Davis added.
FILE - A sign announces that a restaurant is "safely open" in Los Angeles, California on June 24, 2020 amid a record rise in coronavirus cases across the state.
At the Tarrant County State of Education virtual event Thursday, top educators talked about preparing students for this evolving marketplace.
“Some of the high growth industries in Texas are automotive, construction, and aviation,” one person said.
“You have about an equal number of people unemployed with jobs available that people are not skilled to do,” said Eugene Giovannini, chancellor of Tarrant County College. “Match that reality with the jobs that are really out there, and what are the skill sets necessary.”
With more Americans working on their computers from home, cybersecurity jobs are in high demand.
There's also a growing need for healthcare workers.
North Texas school districts, like Fort Worth and Keller ISD, are teaming up with High Ed to meet that demand by offering dual enrollment and vocational training.
“That they're learning what the needs are out in the private sector. We need to enhance our curriculum so that we prepare our students not for the jobs tomorrow but the jobs of today,” Fort Worth ISD Superintendent Kent Scribner said.
“people are going to have different kinds of jobs, no matter what the pandemic is doing,” Davis said.
Fort Worth ISD has a new high-tech mobile STEM lab, which it takes to different campuses.
It gives students hands-on experience in areas of science, tech, engineering and math.
Tarrant County College has paired up with many area schools offering students dual credit, giving them a jump start on their chosen field of study.