Perhaps one of the most commonly discussed issues in America is the state of the economy. There are many different indicators of economic health, such as consumer spending or the GDP. But one issue seems to get more airtime than all the rest: the job market.
What do you know about the current job market? Is it growing? How many people are looking for work? What jobs are in demand? For those curious, here are 10 surprising stats about the job market you may not know.
1. The job market has grown quite substantially in the past few years. According to the Bureau of Labor Statistics, total nonfarm payroll employment rose by 225,000 in January alone.
2. Over the last 10 years, there’s been a steady decline in America’s unemployment rate. The unemployment rate represents the number of people in the market looking for work, but without employment. In January 2010, the unemployment rate in the United States was 9.8%. As of January 2020, the unemployment rate was 3.6%.
3. Did you know that software development is the most in-demand job at the moment? This area of employment is expected to grow 26% by 2028, adding 241,500 jobs. Other in-demand jobs include dentist, physician’s assistant, and nurse practitioner.
4. The United States has undergone a paradigm shift in technology and innovation, which has caused many industries to suffer and become less profitable. As of 2018, some of the least profitable industries in the United States include Oil and Gas extraction, beverage manufacturing, and grocery and merchant wholesalers.
5. This country’s entrepreneurial spirit is still alive. More than 16 million Americans are self-employed.
6. Millennials have grown up, graduated, and are now entering the workforce. According to Inc., millennials were forecasted to comprise 50% of the American workforce by this year. And by 2025, 75% of the global workforce. Some companies have already reported that more than 60% of employees are millennials.
7. The United States was once viewed as a manufacturing powerhouse. That image is starting to fade. In 1953, manufacturing jobs represented 32.1% of the jobs in this country. That number is now below 8.5%.
8. America was once dubbed “the land of opportunity.” Is that still true in 2020? Well, for these people it certainly is. More than half of the world’s top-twenty richest people live in the United States.
9. Are you risk averse? Some of the safest American jobs include accounting and secretarial work. But if you prefer a little more excitement, the most dangerous American jobs include logging, deep-sea fishing, and being a pilot.
10. Ever wonder which jobs can earn you the most coin? According to Business Insider, the highest paying profession in the United States is anesthesiology. Anesthesiologists make an average annual salary of $265,990. Other high-paying professions in the United States include airline pilots, architects, financial managers, and lawyers.
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