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The Current State of the Job Market in The US

July 27, 2020
Everyone knows about the 'American Dream.' The idea that all your dreams will come true if you work hard at it and persevere here in the United States. That you can achieve a stable family life, full of love, comfort, and most importantly, success. To this day, the 'American Dream' continues to drive people in the country. Having it as a goal in order to inspire them to work even harder at their chosen professions. But with all that in mind, is the current state of the job market in the US able to help Americans fulfill their own 'American Dreams?'

The Current State of the Job Market in The US

 

What's the Current Employment in the US?

According to the U.S. Bureau of Labor Statistics, there are about 4.8 million Americans on the payroll as of June 2020. But while this might look good initially, remember that the US has a population of 328.2 million people. Also, Trading Economics mentioned that from 1948 to 2020, April 2020's 51.30% employment rate was a record-low in all these 72 years. Its highest peak was in April of 2000 when it rose to 63.70%. Still, over the years, it seems the nature of the US job market itself has changed, having outgrown certain industries and adapted to new ones. 

 

What's the Unemployment Rates in the US?

With that said, the current unemployment rate is 11.1% as of June 2020. It's one of the lowest it's been since the year started. In the early parts of 2020, a lot of lost their jobs due to the COVID-19 pandemic. The spread of the disease prompted many industries around the world to a halt, with governments mandating quarantine measures in an attempt to put a stop to the pandemic. As a result, many companies were either forced to lay off a huge portion of their staff or even close down themselves. 

 

The Current State of the Job Market in The US

 

What are America's Biggest Industries?

Before—and possibly after—the COVID-19 pandemic, some of the largest industries in the US were real estate, finance, and health care, among many others. Though the vastness of each area was by revenue, meaning these were the fields that paid the most to its professionals. If you want to build a career that you know will pay you well, these are the industries to go for. Health care, in particular, has remained one of the most needed professions during this pandemic. But even before that, the industry itself contributed greatly to the US economy at large.  

 

What are The Most Stable Industries Here? 

It's no secret that the US has had its fair share of depressions and recessions. Both have affected the job market greatly, resulting in millions of Americans losing their jobs. But in this day and age, there are still many industries out there that, despite whatever financial, health, or even natural calamity that might hit the country, they'll still persevere and stabilize through it all. Being some of the biggest fields in the US, health care and finance are two of such. And nowadays, as proven by the current pandemic, technology has proven itself to be quite the stable and necessary industry as well. 

 

The Current State of the Job Market in The US

 

Which Sectors Hire the Most?

During a normal period of time—meaning there's no recession, pandemic, or any other sort of calamity—which sectors hire the most in the US? It should come as no surprise that the service sector often needs the biggest number of new hires. Most especially since tourism is a driving industry in many cities such as New York, Los Angeles, Miami, and more. That, along with the health care industry, also hires the biggest number of overseas employees in the US. It's fairly common for citizens of different countries—particularly those from third-world nations—to move to American to work under either the service or health care sectors. 

 

Is It Easy to Sustain a Job in the US?

The truth of the matter is, it depends on the job, your current situation, and what you want. Of course, hard work and perseverance are key ingredients to sustaining your employment in your company. However, that doesn't always guarantee that they'll lead you to the next big step of your career. Moreover, oftentimes it's your financial needs and situation that makes it more challenging for you to sustain your job here. If you're not at a good place and it affects your work, there's a big chance it will lead you to get fired. 

 

The Current State of the Job Market in The US

 

Just like its colorful history, the current state of the US job market seems to be tumultuous. It has its highs and lows but because of various factors, from political tension to a health pandemic, it doesn't seem to be at its most stable for now. 


If you do get lucky to land a good job and become financially stable in the country a good US luxury rental will work best as your home here. It'll be worth investing in the long run!




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