Job Creation and the Future of Employment
Updated: Dec 2, 2019
Recent reports show some of the lowest unemployment rates in the last 10 years. From state to state, dramatic change brought back many Americans in a variety of existing and new job types that can pave the way for the future.
It is projected that the employment rate will continue to drop to 4.3% in 2017 and 4.2% in 2018. That's better than the 4.7% rate in 2016 and 6.7% that the Fed targeted.
All told, we're back to 2007 levels of unemployment as a whole. Manufacturing is forecasted to increase faster than the general economy after years of net job losses. Production is expected is expected to grow 3% in 2017, and 2.8% in 2018.
According to the Bureau of Labor Statics (BLS), total employment expects to increase by 20.5 million jobs from 2010 to 2020. Most occupations will experience growth (88%), the fastest rate of growth will occur in healthcare, personal care and social assistance, and construction. Other increases will occur in professional, technical, education, retail and other service occupations.
What Does This Mean to You?
As we start to say goodbye to years of financial crisis, be on the lookout for stock market exuberance and stay relentlessly focused on your financial well-being. Chart a clear course for your career, and be calm during any stock market pull-back. This is a good time to reduce debt, build savings and increase wealth.
Geoffrey Smith, Vice President of Marketing at the New York Grant Company, a private consulting firm specializing in securing financial incentives.