America is the land of opportunity and job prospects for the USA in 2018 seem very positive. While America’s employment situation was negatively impacted by the effects of the devastating 2017 hurricane season, the nation is currently rebounding. In October, two hundred and sixty-one thousand jobs were added in the USA. This is a healthy number of new jobs and it shows that America is entering a growth phase for employment.
It remains to be seen if these new jobs will help USA workers to earn higher wages. In October of 2017, wages per hour were up by just under 2.5 percent, versus figures from the year before. This means that the wage increases kept pace with inflation.
Unemployment is Quite Low
Overall, the labor market is in good shape. Unemployment is quite low, on a par with unemployment levels during Bill Clinton’s time as president (when America was considered to be very prosperous financially). However, some experts feel that current wage growth levels need improvement. While things are trending as they should, there is still a lot of room for wage growth and many experts feel that this wage growth is long overdue (and necessary).
At present, approximately one hundred and seventy thousand new jobs are being added in the USA every month. It’s the slowest rate of new job growth since 2010. However, the majority of economists think that things are moving in the right direction. As well, unemployment is going down, which is good news.
Right now, 4.1 percent of the USA population is unemployed. This is the lowest amount of unemployment since the year 2000. While seven hundred and sixty-five thousand workers lost their jobs in October of 2017, overall gains over the past several months were positive. October was a bad month for job loss, but economists aren’t too worried about it, as overall trends are positive.
Which Industries Are Growing?
IT and construction are industries which are experiencing a lot of growth right now in America. Americans who are planning educational pathways which lead to stable job opportunities may want to access training and education in either of these fields. IT is always a strong player in the US job market. However, in recent years, the construction industry did experience slowdowns. Now, construction is making a definite comeback. This is good news, as the construction industry offers so many different types of jobs.
The service industry is also adding a lot of of jobs, so those who want to work in the restaurant industry, or hospitality (hotels and resorts) may find that they have lots of jobs to choose from. Some states are better than others in terms of offering a lot of new hospitality/service industry jobs and California is one of the states that is providing a lot of job opportunities in this industry right now.
Overall, things are looking up, although wage growth is still slow and barely keeping pace with the current rate of inflation. Certain industries are booming and this means new jobs for qualified Americans.