As the unemployment rate in the US is at its lowest in nearly 2 decades, the US continues to add more jobs, with the robust economy driving employers to expand their operations, increasing the demand for more workers.
Unemployment historically low, new jobs on the rise
It was announced on Friday that the unemployment rate in the United States hit a rare low of 3.9% – the lowest it has been since the year 2000.
Not only that, the last time the unemployment rate remained below 4 percent over a sustained period was in the late 1960s, The New York Times reported.
In addition, the Labor Department released its hiring and employment report on Friday showing that the US economy added 164,000 jobs in April.
Good news: Employers will continue to add jobs
The high unemployment rate doesn’t mean that all the jobs are taken. Conversely, the booming economy means that employers will continue to add jobs and expand their payrolls.
In fact, NPR reported just this week that there are some 30 million jobs in United States paying an average of $55,000 per year, which don’t require bachelor’s degrees that are going unfilled, mostly in the skilled trade sector.
Good news: Wages are going up
Over the past year, wages increased by 2.6 percent, The New York Times reported.
NPR reported this past week that many skilled labor jobs are paying higher than the national average, even at the apprenticeship level. Employers simply need workers and apprentices are the only way to fill these slots. The demand is high and employers are willing to pay higher wages to get the workers they need.
Market becoming more competitive
The decrease in joblessness certainly means that the job market well become more competitive. Therefore, to land some of the most desired positions – jobseekers may need to bring their “A-game” by using all the best practices to stand out from the pack.