Sectoral reallocation is real (and often painful)

A survey published today by the Springboard Project (hat tip WSJ Realtime Econ -- go there for link to survey release) is fascinating reading. Labor demand is shifting towards higher skills.  Workers are open to retraining but unsure which skills will be in demand. History says the understanding the jobs of future is elusive (WSJ: "An article on Monday pointed out that in 2003 a quarter of Americans worked in jobs the Census Bureau didn’t even list as occupations in 1967").

This doesn't mean that the sectoral model in macro is superior to the hydraulic view, per the excellent discussion Jim Hamilton covers here. But it does tell me that the natural dynamism of job churn -- anxiety inducing in the best of time -- is especially painful now.

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