Within the labor market, there's a lag effect as well. Industries and occupations that have job openings today might not have those same openings in a couple of years.
Exhibit A for our purposes today is the professional pharmacist. Just five years ago, a pharmacy degree was a near guarantee of permanent and well-paid employment. So much so that a lot of universities started their own schools of pharmacy. In Tennessee, they went from one pharmacy school to half a dozen.
Phil Johnston is the pharmacy dean at Belmont [University, in Nashville, TN]. He admits the agencies that oversee course work worried there might not be enough local drug stores and hospitals to support so many schools. Pharmacists have also been concerned that a glut of graduates may undercut their pay. [snip]
...The pharmacy industry realizes it's hard for students like Deason to find jobs. The American Society of Health System Pharmacists recently authored a report. It's titled -- "Expansion of Pharmacy Education: Time for Reconsideration." Douglas Scheckelhoff is a vice president of the pharmacist group. [He said: When you almost double the number of graduates over the course of 8-10 years, over time that doubling of the graduates is going to have an impact."Hey! That sounds pretty familiar!
[The comments are awesome, too; a person who seems to be a long-time health services person writes in to tell young graduates "hey, older pharmacists have had hard times, too" and "you don't have to work at a pharmacy if you have a pharmacy degree..." Hey, we've heard a version of that, too...]