Running Head: JOB MARKET 1
JOB MARKET 4
Job Market in the US
The aim of this article was to assess the recovery of the US job market after the pandemic. The article found that the US job market has faced a lot of competition lately. Companies are competing for talent and at the same time, workers are competing to find good jobs. As of April, the US employers added 428,000 jobs according to the Bureau of Labor statistics. This reduced the unemployment rate to 3.6 percent, lowest number seen. So the job market is very dynamic but with unemployment below 4% nationally, there are lots of opportunities for people with reasonable skills and experience.
However in a healthy economy like that one of the US we expect to see higher number of jobs compared to the ones provided. Population has however grown especially the working age population and we expect a significant growth in jobs. In the US, there is no such thing as a guaranteed job for life once you’ve been hired, either, as is sometimes true in European and Asian countries, whether by law or custom. The US labor force is far more dynamic than in many other countries so comparatively, the job market is better for workers in the US or they would cling to their jobs more instead of moving from company to company as often as we do.
American businesses which need higher skilled workers such as software developers, plumbers and engineers are forced to pay a premium but in return are quite selective, with many applicants competing for these good jobs. On the other hand, businesses which need lower-skilled workers (e.g., many restaurant jobs) are much less selective, while paying a lot less. There are also geographic differences in job markets. There are not a lot of software developer jobs in Coffeyville (Kansas) but plenty in Silicon Valley, Seattle or Austin, to give one example. Likewise, there is little call for farm workers in Silicon Valley but lots of them in Coffeyville.
This article used sampling method to assess the rate of unemployment, they found that US unemployment is record low at present around 3.6 percent and the number of positions are fairly large for the number of applicants seeking jobs and it is only the right matching to the right jobs. If you are looking at software jobs, California continues to hold the sway with cities like San Francisco, Silicon Valley, San Jose and San Diego etc. media jobs are mire predominant in LA. Finance jobs are plenty in New York, Charlotte, and Philadelphia. Dallas fit the bill for an array of jobs. Semiconductor jobs more in Austin etc.
Startups plenty in California and Fintech startup’s in New York etc., Boston is another attractive city. Cities like Chicago, Houston continue to lag. This article provide valuable information on employment patterns as well as how US job market recover from recession. This information is useful to business student as it provides critical data on employment which is a critical component in any business
(2022, May 6). The Washington Post. https://www.washingtonpost.com/opinions/2022/05/06/despite-strong-april-jobs-numbers-year-ahead-may-be-bumpy/