Bureau of Labor Statistics (BLS) job listings and Overview of workforce turnover (JOLTS) reported that there were 8.1 million job openings in the U.S. as of the end of May.
This is up from 7.9 million job openings in April, but represents a decrease of 415,000 hires compared to a year ago.
The unemployment rate also rose to 4.1% in June (up from 3.9% in April and 4% in May). While this may seem worrying to workers, it’s actually not something they need to worry about. White HouseThe employment report for June 2024 noted that this is a “historically low unemployment rate.”
The report also noted that these figures are “consistent with a slowing or normalization of the employment market, as would be expected given the degree to which labor demand exceeds labor supply.”
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- General dentist, Howard Family Dental, Pooler ($230,000-$400,000).
- Global Market Risk Executive (DIR/MD) – Mortgage and Securitized Products, Bank of America, New York ($200,000-$322,700)
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The report’s authors add that “it is important to put these observations in context: a transition from overheating to more normal conditions is typically accompanied by slower employment growth, slower nominal wage growth, and higher unemployment. Yet these developments are consistent with a still-stable and robust job market providing robust employment and income opportunities for working households.”
The labor market is changing in several other ways.
According to a new study Job site IndeedSince 2022, the share of part-time job openings has increased, while the share of full-time job openings has remained stable.
The report also found that the increase in part-time job openings has been widespread and is being seen across most sectors of the labour market as employers replace full-time jobs with part-time ones.
Indeed researchers also noted that “the labor market is likely to continue to cool and rebalance over the coming year, and these trends will be an important indicator of employers’ ongoing response to changing labor market trends.”
Skills shortages could also have a negative impact on employment. International Data Corporation In an (IDC) survey of North American IT leaders, nearly two-thirds said skills shortages are slowing revenue growth targets and creating quality issues.
According to IDC, by 2026, more than 90% of organizations worldwide will experience an IT skills crisis, which will cost them $5.5 trillion in delayed products, reduced competitiveness, and lost business.
Digging deeper, AI skills are tied with IT operations as the most in-demand competency, with cloud skills such as architecture, data management and storage, and software development also featured among the 10 most-needed skills identified by the company.
With all that in mind, what opportunities do American workers have as we head into the second half of the year?
Employment growth this year
In fact, the potential is great, with the latest JOLTS report reporting job gains across many sectors and highlighting several occupations that are in growth mode.
State and local government, excluding education, added 117,000 job openings, durable goods manufacturing saw an increase of 97,000, and the federal government added 37,000 jobs, according to the survey.
So what other opportunities are there for American workers to get new jobs and, most importantly, make more money? Indeed highlights: Job List The minimum wage is at least $75,000, but many companies pay significantly more than that.
Additionally, at least 10% of each job posting includes a term indicating “remote” or “hybrid” work, a concern for many Americans when it comes to job satisfaction.
3 more jobs found
- Executive Director, Federal Agency Research and Development Relations, Indiana University, Indianapolis Research Institute
- Arnold & Porter International Policy Advisors, Washington DC
- Program Manager NALCE (Non-Profit), NALCAB, Washington, DC
Mental health technicians and loan officers came in first and second with average salaries of $77,448 and $192,339, respectively.
Electricians earn an average annual net income of $102,590, while construction project managers earn an average of $103,431.
Among the high-demand tech jobs, there are also some high-paying positions: Data engineers, for example, can make $130,135 a year, while financial managers have an average salary of $111,682. Healthcare jobs also pay well, with medical directors earning an average of $184,521 and psychiatric nurses earning $112,811. Perhaps not surprisingly, psychiatrists top the list with an average of $258,440.
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