Main article: US economy
Unemployment in the United States
Main article: Unemployment in the United States
Of the 335 million people, only 161 million work
The population of the United States as of June 2023 is 335.7 million people. At the age of 16 years and older, i.e. potentially able-bodied, there are 267.4 million.
Of this number, 99.5 million people do not want or cannot work.
The labor force (employed plus officially unemployed) is 168 million people, and officially employed, including in seasonal work, part-time or in agriculture - 161.6 million people.
Largest employers
Salaries in the United States
Grants
Main article: Benefits in the United States
Pensions
Savings in the United States
Record of negative attitude of employees towards employers for 10 years
In January 2024, American workers are more negative towards their employers than at any time in the past decade, but some will have to come to terms and endure as there are more layoffs and fewer job opportunities.
2023
Record number of Americans work more than one job
In 2023, a record number of Americans worked more than one job, and the share of those working multiple jobs in the total workforce recently reached its highest rate since 2019. This was largely facilitated by women, whose share in December became the highest since the 1990s.
Nearly 40% of Americans surveyed by the Harris Poll for Bloomberg News in December said their family has recently relied on additional income to make ends meet. Of those, 38% said the extra money barely covered their monthly costs, and 23% said it was not enough to pay bills.
Employment growth of 3.2 million people in 12 months and 9.1 million in two years
The labor market USA in surprises with its stability and strength, despite the protracted debt crisis, including associated with an extreme increase in the cost of servicing debts.
In September 2023, the increase in employment in the non-agricultural sector amounted to 336 thousand people, and this is after revising for the better by 119 thousand data for August, i.e. from the August base an increase of 450 thousand.
The average monthly employment growth rate in 2010-2019 was 190 thousand people, in 2017-2019 on average 177 thousand, i.e. the September data is twice as high as the norm.
In March-April 2020, 21.9 million jobs were lost, which were restored in 26 months by July 2022, and from July 2022 to September 2023, the average monthly growth rate of employment was 297 thousand people.
Since the beginning of 2023, employment has been growing at an average of 260 thousand people or 2.34 million, over the past year, employment has grown by 3.2 million, and over two years, an increase of an impressive 9.1 million jobs.
In the structure of employment growth since the beginning of 2023 (by the amount of 9 months), the production sector accounts for 0.2 million jobs, where construction - 0.15 million, the private sector - 1.6 million, and the public sector - 0.53 million jobs.
The largest contribution to the structure of the private sector was made by the health and social services sector - plus 676 thousand, public catering - 346 thousand, professional and business services - 205 thousand, wholesale and retail trade and logistics - 131 thousand.
In 2023, there is compensation for the shortage of those employed in the most affected sectors of the service sector after lockdowns during the COVID-19 pandemic: the culture, sports and entertainment industry, catering (still lower by 200 thousand employees or 1.3% than in February 2020) and other household/personal services (0.9% lower than in February 2020).
In the phase, the reduction from the beginning of 2023 is only the information sector by 84 thousand or 2.5%, which, on the contrary, in 2020 was the most stable and main beneficiary of the COVID-19 crisis .
The U.S. labor market is above the historical trend.
US government tries to return $191 billion in unemployment benefits that went to fraudsters
The US government will try to return illegal unemployment benefits in connection with the pandemic COVID-19 for 191 billion. dollars
Larry Turner, an inspector at the Labor Department, said in February 2023 that more than a fifth of federal unemployment payments and $888 billion in state unemployment benefits for job losses in 2020 and 2021 may have gone to improper recipients or fraudsters.
Employment growth over 55 years
Structural shifts in American demographics. Over the past 20 years, the number of employees aged 55 and over has increased significantly. At the beginning of the 21st century, in the 55-64 category, there was a shift from 10 to 17% in the structure of employed people, and in the 65 + category from 3 to 6.7%, i.e. the older generation in employment increased from 13 to 23.7%, which is very significant.
This trend is primarily related to the demographic factor, since it includes the baby boomer generation (marked with a dotted line on the graph).
The fracture in the age group 55-64 occurred in 2021-2022, and in the age group 65 + will occur in 2026-2028.
Prior to this, scrap in group 16-19 occurred in 1975, at the age of 20-24 in 1979, at the age of 25-34 - 1987, at the year 35-44 - 1998, at the year 45-54 - 2009.
What are the trends talking about? One of the hypotheses of Spydell Finance is that the age group directly affects technological progress, the speed of innovation and economic growth, has a fundamental impact on the structure of employment by industry. It affects socio-cultural trends, family values, political preferences, a tendency to save and risk, and consumer patterns.
The idea is that the older generation is losing the ability to innovate, which hinders industry transformations and technological progress, and therefore organic economic growth.
Over 85% of scientific/breakthrough discoveries occur under the age of 45, with the most innovative category 25-35, the range of best scientific productivity 30-40 years, and the peak 37 years. It is believed that if a scientist under 40 has not created anything of value, then he will never create a 93% probability.
The older generation is more inert, conservative, both in political preferences and in the structure of consumer spending.
By 2023, in Japan, Europe and already in the United States, the dominant category is "old people," which makes clear changes in the structure of consumer spending, in labor productivity and the speed of innovation.
IT companies in the US massively lay off Americans and hire in Latin America to save
In mid-January 2023, information appeared that large IT corporations in the United States massively lay off Americans and hire in Latin America to save money.
The international edition of Rest of World spoke in early 2023 with 18 entrepreneurs, recruiters and developers from Mexico, Peru and Uruguay. According to the survey, mass layoffs in American IT companies did not improve hiring for local IT companies and employee startups, but rather the opposite. One of the main reasons for this, they say, is that while American companies are tightening their belts, their technical needs remain the same, leading them to look for cheap workforce of programmers abroad. This forces Latin American companies in early 2023 to be creative about meeting their own hiring needs - from training junior employees to poaching more experienced programmers from competitors.
Free Senior developers with good skills and experience in Latin America for January 2023 are very rare. It is especially difficult for small and niche startups that cannot offer salaries of the level of large companies from the United States and are forced to "hunt" talents from other small companies or startups.
Difficulties appeared at the beginning of the COVID-19 pandemic at the end of 2019, when many American firms, taking advantage of the geographical proximity of the region and their location in the same time zone, began to hire in Latin America - Mexico, Peru, Uruguay. Then in Latin America, the number of outsourcing companies that hire developers for remote work for American clients or individual projects from the United States sharply increased.
For example, in March 2022, an American company fired 200 programmers in the United States to take a remote team from Colombia instead in September 2022. Some large IT companies are trying to attract employees in other ways, for example, with options, which is atypical for Latin America, as well as a strong corporate culture and the ability to grow with the employer.
In 2022, mass layoffs in the technology sector became the norm, peaking in November 2022, when Twitter cut half of its workforce and Meta laid off more than 11,000 workers. Since the beginning of 2022, more than 100 thousand workers in the technology sector have lost their jobs in the United States alone, and according to global estimates, their number has exceeded 150 thousand.
There are also layoffs in Latin America. For example, in one of the weeks of December 2022, local startups fired about 1,000 people. Amid the depletion of venture capital, some of the largest local companies, Mexican crypto exchange Bitso and Brazilian gaming studio Wildlife, cut a quarter and a fifth of the state, respectively.[1]
2022
The average annual number of working hours per person is more than 1800
IT companies in the United States increased layoffs by 649%
In 2022, technology companies in the United States cut 97,171 employees. This is 649% more compared to 2021, when the number of layoffs in the IT sector was 12,975. Such data are contained in a study published in early January 2023 by the recruiting company Challenger, Gray & Christmas.
It is noted that large IT companies have benefited from the boom in e-commerce and remote work, which began in 2020 during quarantine due to the COVID-19 pandemic. However, industry participants subsequently faced low growth rates, falling incomes and declining stock values. This was supplemented by a high level of inflation, a shortage of electronic components and a complex macroeconomic situation as a whole.
As a result, the IT sector was swept by a wave of layoffs, which continued at the beginning of 2023. The reduction of the staff was announced, Amazon(Alphabet maternal holding),, Google ,,, and Microsoft Salesforce IBM Coinbase many Spotify others. Moreover, in some cases, the number of employees being reduced exceeds 10 thousand people. In the sector fintech in 2022, companies announced the reduction of 10,476 jobs against 529 in 2021. That is, the growth was 1670%. This situation is explained by the fall in rates, the collapse cryptocurrencies of a number of major players in the digital finance industry and vague prospects.
 | The economy as a whole still creates jobs, although employers seem to be driven by a downturn. Hiring slowed down as companies entered 2023 with caution, said Andrew Challenger, senior vice president of Challenger, Gray & Christmas. |  |
In 2022, employers in the United States as a whole announced the reduction of 363,824 jobs, which is 13% more than in 2021 (321,970 layoffs).[2]
2021
The number of vacancies in the cryptocurrency sector in the United States has grown 5 times
On January 12, 2022, LinkedIn published a study according to which the number of job advertisements related to cryptocurrencies in 2021 increased fivefold compared to 2020.
Job adverts with headlines containing terms such as "," "," "and" bitcoinairblockchain cryptocurrency "rose 395 USA % in 2020 to 2021, ahead of the broader tech industry, which saw a 98% increase in adverts over the same period.
Most of the vacancies were in software and finance, and other industries also saw an increase in demand for crypto talent. These include professional services such as accounting and consulting, and the staffing and computer equipment sector. Some of the most common names included blockchain developers and engineers.
The San Francisco Bay Area, Austin in Texas, New York, Miami-Fort Lauderdale and Denver were the areas with the most cryptocurrency job ads in 2021, according to the study. In 2020, the five areas with the most cryptocurrency job listings were the San Francisco Bay Area, New York, the Raleigh-Durham-Chapel Hill area of North Carolina, Greater Philadelphia and Los Angeles.
Demand for hiring increased in 2021 amid an influx of funding. According to PitchBook, investors around the world have invested $30 billion in crypto and blockchain startups in 2021. At the same time, public interest in cryptography increased sharply, as well-known personalities such as Elon Musk praised the technology - crypto companies began to quickly gain popularity.
Despite the booming industry as a whole, some experts have expressed skepticism about the technology's long-term usefulness and argue that cryptography is a financial bubble.
The average salary of a web developer in the United States (excluding bonuses) is slightly higher than $75 thousand per year, while a blockchain developer on average earns twice as much - $154.5 thousand per year (ZipRecruiter website data by January 2022).[3]
Unprecedented jobs crisis
In the United States, an unprecedented jobs crisis: in September 2021, a record 4.4 million Americans quit their jobs.
Reducing the number of miners
The number of miners in the United States has been declining for several years, and by September 2021 it is about 8.6% less than before the COVID-19 pandemic.
People who have left are reluctant to return, and young people are even more wary of taking jobs in an industry they are constantly told has no future given the global push for clean energy.
This prevents mining companies from ramping up production.
2020
Record low employment rate - 52.8%
In the United States, 117 thousand were laid off in 3 months. IT specialists
The Bureau USA of Labor Statistics (BLS) in early June 2020 released data according to which about 117 thousand information technology specialists lost their jobs in the country in March-May.
ZDNet asked consulting company Janco to comment on the BLS data. Experts draw attention to the fact that, according to statistics from the department, in March 2020, about 3.655 million jobs fell on the following segments of the American ICT industry (see illustration below):
- telecommunications;
- data processing, hosting and related services;
- computer systems development and related services;
- other IT services.
In April 2020, the number of specialists from these segments decreased, in May the decline continued, and the number of jobs here amounted to 3538.
According to a survey of IT executives conducted by Janco, the normal recruitment process in the IT industry will resume no earlier than the fourth quarter of 2020. Managers associate this with the pace of exit from the pandemic and street riots. But the industry's decline has slowed and will soon stop, according to company executives.
The publication of the publication reports that the dismissed American IT specialists can find a new job even against the background of a reduction in the industry. The advantage for them is the ability to work remotely, and this form of employment has become very common in the context of the COVID-19 coronavirus pandemic.
According to the publication, by the beginning of June 2020, about 85% of American companies that are not directly related to the IT sphere, but have an IT department, are ready to provide its employees (current or new) with the opportunity to work from home. IT specialists can also find remote work in their field abroad or in foreign companies whose offices are located in the United States.[4]
Rising number of part-time Americans for economic reasons
The number of Americans employed part-time for economic reasons increased by 1.4 million in March 2020.
2019
55% of Americans do not use paid leave
Wage earners are increasingly forgoing leave for fear of losing their jobs or lack of money.
The United States is called a "country without vacation." More than 54% of workers in the U.S. feel guilty when they take time off, according to sociological research. At the same time, 55% of Americans do not use their vacation at all, and in general, over the past year, US residents have 768 million days of paid vacation left unused. This is happening for fear of losing his job - for an ordinary American, this is a real disaster.
The same workers who still take vacations prefer short - up to 5 days - trips, the so-called microcations. They are especially popular among millennials, the competition for jobs among which is higher than that of the older generation.
Employment rate: 71% of Americans ages 15 to 64 work
USA In recorded the lowest unemployment rate since 1969 - 3.5%. But the unemployment rate is an indicator that includes only those who are actively looking for work. And those who are not looking for work disappear from statistics. In order to take this error into account when determining unemployment, the employment rate (the ratio of the number of employed to the total population) should be studied.
In September 2019, the US employment rate was 71.66%, which is slightly below the pre-crisis level - in December 2006 it was 72.33%. That is, the real unemployment rate in the United States is higher than before the 2007-9 crisis.
106 months of continuous employment growth
In July 2019, 164,000 jobs were added, marking the 106th consecutive month of employment growth. This was generally in line with economists' forecasts, and they expected 165,000 new positions to be added. Infographics show the development of the labor market in the United States after the recession of 2008.
2015
More than 3.8% of workers work 60 or more hours a week
Low share of labor costs in business income
1916
Main article: US History
1913
1912
1911: Mass Child Labour
1906
1904
1895
1862: Abolition of slavery
Notes
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