The unemployment rate is the percentage of people in the workforce who are unemployed. It’s a number that can be used to gauge the health of the economy. 

It’s one of the most important economic indicators used by the Federal Reserve when developing financial policies, and investors use the unemployment rate to determine which job sectors are losing workers the fastest so they can sell the right sector-specific mutual funds.

In September 2021, the Bureau of Labor Statistics reported 194,000 jobs created, reducing the unemployment rate to 4.8%, but 7.7 million people remain unemployed, higher than pre-pandemic levels of 5.7 million unemployed people. Many factors are at play in this high rate of long-term unemployment, which may make it harder for you to find a job. 

Lack of Child and Elderly Adult Care

School and daycare closures and limited in-home nurses during quarantine resulted in a lack of child and elderly adult care.  

Recent Census Household Surveys found that 217, 255 adults were not working because they stayed home to take care of their children, with 164,659 adults looking after older relatives who received outside special care before the pandemic. 

Many front-line workers like those in the hospitality or beauty industry have chosen not to return to work or work from home to care for their school-age children or an elderly relative.    

Health Concerns

Concerns about the ongoing COVID-19 pandemic may be affecting many people’s decision to return to the workforce. It becomes easier for someone who worries about being infected with a virus to avoid work if their position isn’t offered remotely. 

An economist used the Census Bureau’s Household Pulse Survey to find out if there is a link between how many people are vaccinated and how many people have jobs. He found that a 10% rise in vaccinated people is linked to a 1.1% increase in employment.

Unemployment Benefits

Business leaders and state governments have voiced concerns that unemployment benefits and stimulus payouts incentivize people to avoid returning to work. A study found that when there is a 10% increase in unemployment benefits, the number of jobs applied for declines by 3%. 

However, in other research, it was found that the unemployment benefits did not reduce employment significantly.  

Demand for Higher Wages

Workers unsatisfied with their current pay rate may take advantage of the current fluctuations in employment status to search for jobs that offer better wages and benefits. 

In a competitive labor market, people are switching jobs across industries and increasing their wages by 5.8%. As a result, many employers are offering competitive wages to attract the best talent, with Amazon, Costco, and Target raising their hourly wages in 2021. 

What Are the Jobs in Demand?

If you’re looking for a career change, it’s important to do your research and find the right job for you. This ensures you make an informed decision before investing time and money into meeting the education and qualification requirements. 

JobsFuel makes it easy to find local employment opportunities. Their website allows you to keep track of your job search with their user-friendly interface and convenient job search alerts. They also offer in-depth information on how to succeed in getting your next job, from how to craft a resume to how to ace your interview.

Here are some of the most in-demand jobs on the market today:

• Nursing

Registered nurses and nursing assistants are in high demand as we continue to face an international public health crisis. Nurses can work anywhere from hospices to homes for the elderly to hospitals that care for children with chronic illnesses and disabilities. 

They provide a wide range of health services such as giving medications and monitoring patients’ vital signs like blood pressure levels. The growth rate for registered nursing jobs is expected to increase by 9% over the next 10 years, while nursing assistant jobs will increase by 8%.

Before you can start working and seeing patients as an RN, a bachelor’s degree in nursing is required. You’ll also need to pass the state licensing test. The minimum requirement to become a nursing assistant is a high school diploma and completion of a state-certified nursing assistant program. 

• Healthcare Support

In a time when we are still in an international public health crisis, healthcare support positions such as physical therapists are still needed to help with patients’ daily lives. 

A physical therapist frequently lifts and moves patients while providing patient care, spending most of their time on their feet. From 2020 to 2030, the demand for physical therapy is expected to rise by 21%. 

Physical therapy programs typically require a bachelor’s degree, and the program for a doctorate in physical therapy lasts about three years. Physical therapists also need to be licensed by their states, which involves passing the Federation of State Boards of Physical Therapy’s National Physical Therapy Examination.

• Digital Marketing

Over the next 10 years, it is expected that digital marketing managers will have grown by 10%.  However, if you’re looking to get into digital marketing, there are several different career paths you can focus on. Some digital marketers have a more specialized focus on marketing research. Others take charge of larger projects like implementing social media campaigns and analyzing data from the campaigns to see if they successfully converted visitors to paying customers.

Most digital marketers have a marketing background, but they must also stay up-to-date on social media analytics and search engine optimization trends. They can continue their education with on-the-job training and taking digital marketing certifications for professional development. 

• Software Engineering

Software engineers are also in high demand, with a 22% increase in job growth in the next decade, with specialists like web developers and software developers increasing most. 

A software developer develops, tests, and builds software, from enterprise software to smartphone apps. A web developer oversees the coding, maintenance, and technical features of websites.

Many companies require a bachelor’s degree for most positions, but you need advanced coding abilities to succeed in software development and web development. As long as you learn how to code and show your coding skills in a technical interview, you should find a job.

• Information Security

Information security analysts protect the company’s data by ensuring there are no issues with the digital security process, and they identify and fix the vulnerabilities. They also manage any threats or breaches to the company’s data.

Information security analysts must know about all the ways data can be hacked. They need to have a technology-related bachelor’s degree. Some information security analyst positions may require a master’s degree in computer science if the position entails overseeing large amounts of data. The demand for information security is also high, with an expected increase of 33% from 2020 to 2030.

Taking the Next Step in Your Career

Despite the concerns around the current high unemployment rate, many people are taking the time to consider the next step in their careers. Some are switching occupations and researching the education requirements. It could mean choosing a career path in high demand today and will likely remain so for years.