One of the job market's biggest problems, the report says, is a mismatch between the skills workers now have and the skills required by potential new jobs. If current trends hold, McKinsey estimates the US will have a shortage of up to 1.5 million workers with a college degree or higher in 2020, while nearly 6 million Americans who lack a high school diploma will be unemployed.
Solutions could include more partnerships between employers and community colleges or vocational schools, a national jobs database to help people decide what careers to train for, and targeted federal scholarships.
The report estimates that six broad sectors – health care, business services, leisure and hospitality, construction, manufacturing, and retail – will account for as much as 85 percent of new jobs. (Those sectors account for 66 percent of all jobs in America today.)