While recent economic reports show that the U.S. has suffered through two quarters of negative GDP growth—which usually foretells a recession—there’s one good reason why many economists are not yet declaring a recession, and it’s good news if you’re job hunting.
That’s the healthy state of employment in the United States. The unemployment rate now stands at 3.5%, the lowest since right before the COVID pandemic hit us.
In June, unfilled job openings rose by 590,000 to a seasonally adjusted 10.1 million—the highest level since record keeping began in 2000. According to the Labor Department.
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That is good news for folks actively job hunting or even just on the lookout for a side hustle. And despite the Russia-Ukraine war, high inflation, and rising interest rates, as you can see in the chart below, the employment rate in almost every state in the U.S. has continued to decline since the beginning of the year.
Source: U.S. Dept. of Labor, Bureau of Labor Statistics (BLS)
It’s a great time to be job hunting! However, you should be aware that not all industries are in the hiring mode; some are even downsizing.
Many large companies have been hard hit by the stock market’s volatility, as well as rising rates and inflation, necessitating layoffs. Recent major layoffs, according to BusinessInsider.com, include:
- Tesla, 229
- Shopify, 1,000
- 7-11, 880
- Riven, up to 5%
- Vimeo, 6%
- Re/Max, 17%
- JP Morgan, 1,000
- Coinbase, 18%
- Peloton, 2,800
Who’s Hiring Now?
However, if you are skilled in the administrative/customer support, finance and accounting, healthcare, human resources, legal, marketing and creative, professional and business services, retail, restaurant, or hospitality industries, you are in luck. According to ZipRecruiter.com, dozens of companies have hundreds of positions waiting to be filled. Here are the top ten right now:
- Uber, 50,980
- Capital One, 40,071
- Deloitte, 36,941
- Amazon, 36,895
- Walmart, 29,345
- Whole Foods Market, 29,152
- KPMG, 16,513
- Sam’s Club, 14,076
- DoorDash, 13,169
- TJX Companies, 11,977
Monster.com has compiled their “Monster 100” list of companies that are now looking for employees. The following are their top 10:
- Allied Universal
- Aya Healthcare
- Marriott International
- Northwell Health
- UnitedHealth Group
- JPMorgan Chase
It’s no surprise to me that there are lots of service industries on that list. Hey, I’m happy that most restaurants and shops have reopened since COVID decimated their industries, but I know that you’ll agree that service has considerably slowed down due to lack of help.
And since we are all looking to earn a higher wage, the Bureau of Labor and Statistics reports that the following—on average—earn the highest salaries:
The Highest-Paying Jobs in the U.S. 2022
|Job||Average Salary||Degree Required||On the Job Training|
|Psychiatrists||$208,000||Doctoral||Internship and Residency|
|Obstetricians and Gynecologist||$208,000||Doctoral||Internship and Residency|
|Surgeons||$208,000||Doctoral||Internship and Residency|
|General Internal Medicine Physicians||$208,000||Doctoral||Internship and Residency|
|Anesthesiologist||$208,000||Doctoral||Internship and Residency|
|Oral and Maxillofacial surgeon||$208,000||Doctoral||Internship and Residency|
|Orthodontists||$208,000||Doctoral||Internship and Residency|
|Prosthodontists||$208,000||Doctoral||Internship and Residency|
|Family Medicine Physicians||$208,000||Doctoral||Internship and Residency|
|Chief Executives||$185,000||Usually a Bachelor’s||No|
|Pediatricians||$177,000||Doctoral||Internship and Residency|
|Airline Pilots, Co-Pilots and Flight Engineers||$161,000||Bachelor’s||Yes|
|Computer and Informations System Managers||$150,000||Bachelor’s/Graduates||No|
|Architectural and Engineering Managers||$150,000||Bachelor’s/Graduates||No|
So, if you are in a “change job” mode, now is the time to dust off your resume, put your best foot forward and get job hunting!
Have you considered a change of employment during the “Great Resignation”? If so, what was your experience?
Nancy Zambell has spent 30 years educating and helping individual investors navigate the minefields of the financial industry. As a lecturer and educator, Nancy has led seminars for individual investors at the National Association of Investors, Investment Expo and the Money Show. She has also taught finance, economics and banking at the college level, and has been quoted extensively in The Wall Street Journal, Investor’s Business Daily, USA Today, and BusinessWeek. Now let her give you the tools and resources, including a monthly magazine, for gaining the peace-of-mind to live comfortably now and in retirement in her Cabot Money Club.Learn More >>