The American job market is known for cutting-edge industry, pioneering innovation, and a hard-working value system. The U.S. economy encompasses technology, agriculture, digital landscapes, manufacturing, and so much more. Over 160 million people are in the U.S. workforce, which continues to evolve as demographics shift, technology changes, and societal events affect worker preferences. These interesting facts about jobs in America give us a closer look at the employment world.
10 American Job Market Facts
1. The job market is expected to grow in the next few years. (Source)
The total employment of Americans will likely increase by 3.3% between 2022 and 2032, which will result in about 4.8 million new jobs. A third of these jobs will likely be in the healthcare and social assistance fields as the population ages.
2. Remote work is the new normal. (Source)
42% of the U.S. labor market now works from home full-time, an incredible shift from the pre-pandemic days when only 5% of workers did labor remotely. This has altered geographic employment patterns and forever changed our workplaces.
3. Americans lack the skills for manufacturing. (Source)
2.1 million manufacturing jobs could go unfilled through 2030 because of skill gaps. These missing jobs could cost the U.S. economy a trillion dollars. This disconnect shows that we need to train workers to get qualified for critical manufacturing positions.
4. Self-employment rates peaked in 1994. (Source)
At that time, 12.2% of the workforce was self-employed but declined to 9.8% by 2018. The COVID-19 pandemic spiked the rates again, rising to 10.4% with millions of Americans leaning toward entrepreneurship.
5. Sixty-four million Americans freelanced in 2023. (Source)
As of 2023, freelancers contributed an all-time high of $1.27 trillion to the U.S. economy. While not all freelancers worked full-time, many Americans took advantage of the numerous opportunities and flexible scheduling offered by freelancing.
6. Voluntary turnover rates reached 25% in 2022. (Source)
The average cost of replacing an employee who quits ranges from 50% to 200% of their annual salary, depending on the position. This suggests companies have a vested interest in keeping employees long-term.
7. Women working full-time earn 82 cents to a man’s dollar. (Source)
This gap can vary significantly by state, with women in Louisiana earning 69 cents to a man’s dollar compared to Vermont women earning 90 cents to a man’s dollar.
8. Workers with a bachelor’s degree earned $1.2 million more than high school graduates. (Source)
This is on average throughout an entire career. In comparison, those with an associate’s degree earned $400,000 more over the course of a career than people with only a high school diploma.
9. Wind turbine technicians are the fastest-growing occupation. (Source)
This position has a 68% projected growth through 2032 as the demand for wind turbines increases.
10. 57% of Americans have less than $25,000 saved for retirement. (Source)
This is a troubling statistic, especially considering that 28% of Americans have no retirement savings at all, likely influenced by what their employers offer in terms of benefits and compensation.
Featured image photo credit: Gerd Altmann from Pixabay.
