The US job market certainly took a significant hit due to the pandemic- millions of people lost their jobs. Fast-forward to 2021; the economy is opening up gradually, and activities are picking up; yes, there is hope for the nation's future. However, businesses have to rethink their human resource structures; of course, this comes at employees' expense. As a glad tiding, unemployment rates have fallen by over 6.3% (according to data from the labor department). More people are getting employed, and jobs lost during the pandemic are slowly but surely coming back.
While people all over the country are returning to work, news of the incoming Covid-19 vaccine has been one of the most significant boosts to the lowered unemployment rates. Sectors such as education have experienced more employment- over 40,000 people have gained jobs in the industry. Businesses are now reopening, and this provides a boost for the employment numbers.
Ironically, the e-commerce industry has experienced a significant boost even during the Covid-19 pandemic. E-commerce activities grew massively during the pandemic to a ten-year high of 33%. This growth has provided job opportunities in the sector, and experts predict it will not slow down anytime soon. With the development of technology, more people will adopt online shopping for their daily activities, and this will be incredibly beneficial for job creation in the e-commerce sector.
The healthcare industry experienced a lot of difficulties in 2020, especially with the pandemic. Today, however, there is a great demand for healthcare workers. Data from the bureau of labor statistics indicate that healthcare industry jobs will experience an over 14% growth. Battling the pandemic left the industry with a vast gap that needs filling. Further, there is a need for research and development professionals in the medical industry, even as the Covid-19 vaccine hits the market. Scientific experts and similar scholars will be crucial in administering and overseeing the dispensation of the Covid-19 vaccine.
Technological innovation has become a crucial part of businesses, and this presents a robust job climate. Also, as more enterprises rethink their business strategies, digitizing various business processes has become the norm. More people will have to adapt to this new normal, especially as the country continues to put in measures to fight the ongoing pandemic. Working from home is now standard, and this will present more job opportunities for people, unlike the traditional office setup. Sectors such as finance will-likely- provide more remote jobs as the year progresses.
In 2021 and beyond, remuneration for jobs will be standardized since those working at the office or remotely will be doing the same load of worth. Indeed, remote jobs have enabled businesses to pay employees remotely- the same way they would pay them traditionally. Also, as more companies adopt remote working, the workforce will easily access more jobs. Freelancers- the so-called digital nomads, can now get work from remote companies and get well compensated for their services.
Think of it: Savings by Americans has been at an all-time high, with data from the Bureau of Economic Analysis showing that saving rates are at an all-time high of over 30%. Such savings have enabled many Americans to eke out a living in sectors like the stock market. Moreover, cryptocurrency trading has become a booming business, with currencies such as Bitcoin hitting high levels. More people have begun to engage in financial trades; this was notable during the recent GameStop shares trading. Yes, more people are now creating jobs for themselves.
Ultimately, the retail sector has begun picking up, with data showing that retail sales during January experienced a 5.3% increase. The trajectory will likely continue in the coming months. True, the US government's stimulus strategy may have played a massive role in this spike; well, this is good news for America's job market. The retail industry provides lots of jobs for the economy, and- as more customers begin to spend their cash- this will significantly boost the country's job climate. Also, restaurants have gradually resumed services; this means more jobs for the economy. Consumer spending has provided a much-needed shot in the arm for the job market, and it is expected this job increase will continue as the country gradually reopens.