However, as Bloomberg reports, Yellen was primarily referring to the plight of the poor and minorities.
There are other niches she overlooked.
At the top are the aging who would prefer to work but have given up the search. As Richard Cohen hammers in this article for Abovethelaw.com, age bias is real. And it's a kind of discrimination society knows it can get away with.
During winter 2017, I gave up searching for a part-time job. Chastened by reality, I returned to full-time self-employment. Incidentally, operating my communications boutique has become more profitable because I got it: I have no other option for earning income.
A career coach in a New York Metro outplacement firm observed that the majority of the over-50 professionals he advises will probably never be able to get a job in their previous line of work. Their only option is a career change. One has enrolled in an eight-week trade school to become a long-haul truck driver. The first year on the road he will earn about $27 an hour. That's about a half of his previous salary.
Another niche is: Those who invested heavily in degrees for professional services occupations such as law and are not employed in that field. Many of them remain paying off student loans for an education which didn't yield a career path.
A third area of joblessness is filled with those knocked out of the box by technology. According to recent research by PWC that will happen to 38% of U.S. jobs in the next 15 years. Currently, the displaced include graphic artists, journalists and retail workers. Soon enough the driverless truck could put those retrained for long-haul transportation back on the unemployment line.
What I wished my mentors had told me in the 1980s was: Don't ever get professionally comfortable. It was then when the Jack Welches and Lee Iacoccas eliminated layers in corporations. We in middle management were the first to go. Then at the turn of the century my field of executive communications collapsed. Currently there is a glut of social media experts.
When college students contact me for career guidance I recommend: Focus on demand in the labor market, but don't ever get professionally comfortable.
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