US economy job growth: Which sectors are hiring in 2020?
Last week, the unemployment rate in the US dropped from 13.3.% compared to 14.7% in April 2020, and there was an unexpected number of new jobs added to the US economy.
According to Reuters, this offers a clear signal that the downturn caused by the COVID-19 pandemic may be over – although the road to recovery remains long.
Businesses have resumed operations as the US government eased lockdowns to prevent further damage to the economy. In the past few months, it was reported that the US is experiencing its worst economic crisis since the Great Depression.
With the latest news that certain sectors are adding on thousands of new jobs, there is hope for those unemployed or laid off due to the harsh effects of the pandemic on industries such as travel and tourism.
Those thinking of career switch in the US should check out these sectors and determine if they should upskill or reskill to develop the skillsets needed.
Chris Rupkey, chief economist at MUFG in New York, told Reuters: “The country has turned the corner from the pandemic and the recession it created for now, but all the workers who lost their paychecks will find it difficult to regain their place in society as many of these jobs are gone forever.”
“It took years for the economy to grow enough to find jobs for those unemployed in the last recession, and it will take years again this time to do the same.”
Certain sectors see employment boosts
Private sectors saw the biggest gains while the biggest losses were in government jobs, losing 585,000 positions as state and federal revenue was cut.
One of the sectors that saw a jump in employment in the US economy was food & beverage as restaurants and bars began accepting diners again, adding 1.4 million jobs after losing 6 million in April and March 2020.
The construction industry also managed to recoup appropriately half of April’s decline with an increase of 464,000 jobs.
Other sectors which gained employment were education and health services, retail trade, manufacturing, professional services, financial activities, and wholesale trade.
According to Fox Business, “Education and health care services surged by 424,000 jobs; health care alone accounted for 312,400 of those positions.
“Dentists jumped by 244,800 as offices were allowed to reopen again. Child care services added 44,400 as schools remained closed. Still, hospitals lost more than 26,000 jobs.
“Professional and business services added 127,000 jobs. Clothing stores added nearly 95,000 jobs and general merchandise stores added 84,000.”
If you’re interested to work in these sectors but lack the qualifications, consider this time to work on a professional certificate or online course.
With the variety of online education platforms and online training programmes, you can upskill or reskill in any practically any sector and work within your budget.
If you want to work in management or gain leadership skills to work in the US economy in 2020, you could also consider an online Master’s degree or MBA that you can work on at a flexible pace.
Carlos Gonzalez De Villaumbrosia, the Gounder and CEO of Product School, wrote on Forbes, “Google searches for online courses increased by over 100% across the world from mid-March to mid-April 2020 alone. Even though searches for online education have been steadily growing in popularity for quite some time, the recent spike is undeniable.”
“It’s a mass, global experiment on how online education works and what innovations can make it better. Many who would usually not have considered learning online or lacked the time to dedicate to their education are now discovering the many benefits of e-learning.
“When hiring, companies are now recognising the value of certifications that come from specialised providers, as opposed to solely prioritizing those from traditional institutions. ”