This paper aims to provide metro, state, and national policy makers with a better sense of the specific problems facing metropolitan labor markets. First, the analysis examines trends in the demand for educated labor and how a gap between education supply and demand is related to unemployment. Next, it attempts to distinguish between cyclical and structural effects before turning to an explanation of how an education gap might affect both by limiting job creation. It concludes with a discussion of the implications of these findings for public policy. Appended to this document is "Comparing Openings data across sources: HWOL vs. JOLTS." (Contains 12 tables, 9 figures, and 53 endnotes.)