by Wilfreda Wiseman

Low US Unemployment Rates Due to Strong Economy

In the United States, employment is strong and the unemployment rate for November 2018 was recorded at 3.7%. This is the lowest it has been since 1969. The economy is booming and this is creating a strong job market. [1] [2]

The Growing Job Market

It is estimated that there are over 209,000 people joining the workforce every month and there doesn’t seem to be an end in sight. With job market growth comes greater consumer confidence. When confidence is up people spend more money which in turn leads to more jobs. [3]

Positions Are Going Unfilled

Even though the job market is strong, some businesses are still unable to find the employees that they need. This is because many job seekers do not possess the skills needed to fill the positions.

Why are these unfilled positions good for job seekers?

  • Older Workers

    Even though age discrimination is illegal, in the past older job applicants were commonly overlooked. This is because they require a higher wage since they have the experience and are knowledgeable in their field. Therefore, businesses are not able to find younger applicants that possess this knowledge, positions are being filled by older applicants who have had difficulty securing jobs because of their age. [4]
  • Training

    Many positions cannot be filled due to the lack of qualified applicants, so some businesses are providing paid training. This is a perk for the employee as well as the employer. Training new hires allows the company to teach these employees how they want things done. Sometimes when a company brings in a new employee, that has had previous training, they try to change things and this can lead to strife within the company.
  • Paid Internships

    Internships are usually unpaid positions that allow individuals to get their feet in the door. This gives them the opportunity to learn the job and gain experience. Since employers cannot find qualified employees many internships are becoming paid positions. This is great for interns and creates a feeling of loyalty so that they stay with the company after the internship ends.
  • Part-Time Workers

    Employers are bringing back retired workers and allowing them to work part-time to fill needed positions. This allows for older adults to get out of the house and socialize while benefiting the company. Bringing in employees that already know the business can save the business time and money.

As long as the economy stays strong, the job market will continue to grow. Even though there are strong economic indicators that predict it will last for some time, forecasting the economy can be difficult. At this moment, the US job market is strong and is thriving. It is estimated that there are currently over 7 million unfilled job positions.

 

 

 

 


Source:
[1] Bureau of Labor Statistics (February 1, 2019). The Employment Situation - January 2019. Retrieved on February 06, 2019, from https://www.bls.gov/news.release/pdf/empsit.pdf
[2] The Economist (December 10, 2018). Why American unemployment is so low. Retrieved on February 06, 2019, from https://www.economist.com/the-economist-explains/2018/12/10/why-american-unemployment-is-so-low
[3] Senior Service America (January 7, 2019). 2019 Predictions and Trends For Employment of Older Workers. Retrieved on February 06, 2019, from http://www.seniorserviceamerica.org/blog/2019-predictions-and-trends-for-employment-of-older-workers/
[4] mlive (May 12, 2014). Why don't people hire older workers?. Retrieved on February 06, 2019, from https://www.mlive.com/business/west-michigan/index.ssf/2014/03/why_dont_people_hire_older_wor.html

 

 

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