Those who have been in the job market for the last decade can attest that looking for a job can be quite challenging nowadays — especially in the 2010s. With limited job opportunities and tighter competition, a lot of job aspirants ended up going home frustrated.
At the start of the previous decade, there were reportedly 12 million more unemployed people than job openings. However, the start of the 2020s is looking pretty good for job seekers in the United States.
As of October 2019, there are over 7.3 million job vacancies in the U.S. Thrice more than the figures at the start of the 2010s. The labor supply and demand have shifted compared to the start of the last decade with 1.4 million more job openings than the number of job seekers. The odds are looking great for those who are seeking work opportunities.
Based on the findings by the Bureau of Labor Statistics (BLS), the U.S. labor market saw steady growth in the economy in the 2010s. This is something that not many people would have been able to predict at the twilight of 2009 as the economy was still recovering from a financial crisis back then.
The number of job openings was reportedly at its highest in late 2018 with 7.8 million vacancies. However, the labor market saw a drop in the figures in September 2019 when it dove to 7 million, the lowest in 18 months. The demand in labor has stayed stable for most of 2019 with an average of 7.3 million job openings.
The statistics from the BLS also shows the industries with the highest and lowest number of positions in the labor market right now. Job vacancies from the hotel and restaurant industry posted the highest percentage with 5.5%. One of the reasons for this figure may be because of the fast turnover of employees of businesses in that field.
Job seekers may see more vacancies for dining attendants, kitchen staff, and hospitality professionals in the job market in 2020. Also topping the list are trucking and warehouse positions with 5.4% of the total job openings.
Vacancies for government positions are reported to have hit its highest in October 2019 with job opportunities in public education and other government functions. Reports say that recruiters have been struggling to fill in positions with the tight labor market, rising wages of the private sector, and more opportunities.
On the other end of the spectrum is the mining and logging industry with just 2.7% of the job openings available in the labor market right now.
With the start of a new decade, it’s high time to turn a new page in your job hunting. Better start reviewing and updating those well-written resumes and head on to a new phase in your professional career.