As the U.S. approaches full employment, businesses are desperate for workers. Here’s where to look.
The economy is running at full steam, and businesses are struggling to find enough workers for many of their openings.
So if you’re looking for a new job, you could be in the driver’s seat, according to numerous news reports. A range of business sectors, from education to construction, has been making significant additions to their workforces.
More jobs than workers
Businesses added 213,000 workers in June, and the unemployment rate reached 4%, according to the Bureau of Labor Statistics (BLS), approaching a two-decade low. What’s more, small businesses have been rolling out the red carpet for new hires, increasing wages and hiring incentives. And more workers are changing jobs now than at any time since 2001, according to reports.
“Right now, more firms are looking for workers than workers looking for a job,” Bill Dunkelberg, the chief economist for the National Federation of Independent Business said in a press release. “The competition for existing workers has tightened the labor market for both skilled and unskilled workers.”
Here’s a list of where the jobs are, according to the BLS:
Education and health care top the list, adding a total 54,000 jobs in June. Half of the increases were in health care, which added 25,000 jobs and has added 309,000 positions in the past year, according to the Department of Labor. Many found jobs in hospitals, and as ambulance drivers.
More than half a million workers found jobs in education and health care over the past year.
Manufacturing also saw an uptick, of 34,000 jobs in metal fabrication, automobile manufacturing, and computers and electronics, among other categories. Manufacturing added nearly 300,000 workers in the past year.
Construction also did well, adding 13,000 jobs, and 282,000 jobs since June 2017. Construction is currently one of the hottest sectors of the economy, according to reports, as it struggles to meet skyrocketing demand for housing.
Job increases for June 2018:
Additional employment increases:
Small businesses, in particular, are looking for new workers. Nearly 40% said they had at least one job to fill, and about 20% said they had plans to add employees in the coming months, according to a new report from the National Federation of Independent Business. About one-third of small businesses said they had increased wages for workers in the past 12 months.
Trucking: The industry faces a shortfall of about 50,000 workers, according to the Washington Post. Some drivers are being offered signing bonuses for jobs earning as much as $80,000 annually.
Full employment can have downsides
However, the good hiring picture also has its downside. The nation is approaching what’s known as full employment—basically when everyone who wants a job has one. When that happens, wages tend to increase, which can drive up inflation.
And inflation can drive up the cost of daily expenses for everyone.
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