Both candidates in the 2016 election emphasize the importance of Job creation. No matter who your choice for president is or the eventual person that wins the gold ring, the likelihood of new job creation in 2017 most likely will be of primary importance. While campaign promises may be easy to break, this one was so fundamental to the campaign and what Americans have come to expect, more than any other issue, that a broken promise in this arena will have far-reaching ramifications to the new president’s entire political party.
The US Bureau of Labor Statistics spends a lot of its time putting together detailed statistics pertaining to the job market and its growth or contraction. They break-down numerous statistical details to such a degree that the numbers and graphs become overwhelming at times. These statistics include numbers of current new jobs by title from 2014 for ten year projected figures to the year 2024. Included in these results are projected percentage increases for the ten year period and 2015 medium average wages for each job category.
In terms of some of the best jobs shown for job growth potential projected up to the year 2024, caregiver, medical and computer technology fields lead the pact in growth figures. In the medical realm, home health aides come in the highest at 38.1 percent followed by personal care aides at 25.9 percent with medical assistants at 23.5 percent. In the computer/software fields, computer systems analysts at 20.9 percent followed by software/application developers register a projected growth of 18.8 percent over the next 10 years.
In terms of wages, the highest median annual wage for 2015 is for the software/application developer sector at $98,260. The second highest annual wage for 2015 in the list is for general and operations managers at $97,730 but with a projected 10 year growth rate of only 7.1 percent. It looks like the computer nerds beat the white collar management types.
Obviously high tech computer careers rule in regards to salary potential with substantial growth figures. The highest projected growth job titles are in the homecare and personal care fields yet with less salary potential. This large demand for care givers is most likely due to the aging Baby Boomer population that will require a high increase in workers to meet their needs in the coming years. As always, the medical fields have substantial growth figures along with decent salary numbers.
As far as the best jobs, taking into account a multitude of factors such as ability to advance, life-work balance, salary and other factors, U.S. News and World report orthodontist, dentist, nurse anesthetist, physician assistant, nurse practitioner and psychiatrist at the top of their 100 best jobs.
The U.S. unemployment rate hovered around the 5 percent mark for most of 2016 with the lowest month being May going all the way down to 4.7 percent. September comes in again at 5 percent with hopes for further decline for the Christmas sales season. The year 2016 has seen the lowest average rate of unemployment on a yearly basis since the 2008 great recession. As of the month of September 2016, the number of unemployed persons has held almost flat at 7.8 million and the labor force participation rate stood at 62.8 percent.
We many times wonder about unemployment figures and how labor force participation rate factors into the situation. The labor participation rate is described as the measure of the active portion of an economy’s labor force. This includes the total number of population that are either employed or actively looking for work. This is kind of an elusive statistic because it seems the actual unemployment rate can be substantially higher when a participation rate goes down as it did in the great recession. During tough economic times, many older people start using their retirement savings to live on rather than actively look for work in a depressed job market. Likewise, when a recession hits, many younger people may return to school to gain new or more advanced job skills rather than wasting their efforts or working in a dead-end job during a recession. It’s important for both unemployment figures and labor force participation rate to be looked at together to get a clear picture of the unemployment scene.
The next few years should yield priority to new computer, high tech, medical and possibly construction job growth as the new administrations assigns significant budget to crumbling infrastructure projects. This presidential campaign may have seemed like a tortuous race to November 2016, but we all look forward to the candidate’s promises of more jobs on the horizon.
Find some additional articles and references below on some of the most promising job sectors.