Last week, Americans gathered to be thankful for everything they have. But it is tough to feel thankful when you are searching for work or choosing a career path in an economy certain national leaders describe as “terrible.” The truth, based on data, is that there are at least three 2024 trends for us to be thankful for—low unemployment, technological advances that will create jobs, and research that suggests improvements in job market equity.
Low unemployment is a positive development.
We can be thankful that national and many local unemployment rates have remained historically low in 2024. According to a November 27, 2024 Bureau of Labor Statistics (BLS) statement, the national unemployment rate was 3.9% (not seasonally adjusted) in October 2024. That is only 0.3% higher than it was for the same period in 2023.
The unemployment rate in your city could be even lower. The BLS report says 80 of 389 metropolitan areas had rates of 3% or less. This is notable because economists have said for many years that unemployment rates of 3% or less represent “frictional” unemployment. The concept of frictional unemployment means a certain percentage of workers are always between jobs even when the economy is doing well. An unemployment rate of zero is not thought to be possible.
Unfortunately, the low unemployment rate does not mean you can quit your job tomorrow and land a new role the next day. Both jobseekers and coaches have told me that finding work is still challenging. Competition has become fierce because jobseekers can use technology to apply for thousands of jobs in very little time. As a result, hiring teams are receiving hundreds or even thousands of online applications for each job. Just 30 years ago employers typically received about 50 applications for each open position. Most of the applicants applying for positions are not qualified but hiring teams and their computers still need to sort through this deluge of materials.
Be thankful for low unemployment when you are job hunting, but be prepared to differentiate yourself from the competition.
New technology creates jobs.
History shows that new technologies are net job creators. So, from a jobseeker’s or career planner’s point of view, it’s time to be thankful for technological innovations.
Industrial and technical innovations have created countless job and career paths in the past three centuries. Consider the economic growth railroads created in the 19th century, the automobile, aviation, computer, and internet industries in the 20th century, and the smartphone revolution in our current century, to name just a few.
Today, workers fear job cuts that could result from the new AI revolution. But should we be fearful or thankful? Experts in machine learning—a key technology behind AI—are in high demand and are highly compensated, much like the experts that drove past technological revolutions. You may need to upskill for the new jobs, though.
Additionally, even more technological revolutions have begun recently. For example, according to an aviation industry podcast, the FAA has issued regulations to support deployment of electric-powered air taxies, known as EVTOLs, that will shuttle passengers from downtown to outlying airports. Also, a small-scale prototype for a next-generation supersonic airliner is currently undergoing flight tests.
Of course, new technologies may or may not work-out or be marketable. Chances are, though, that you will be able to identify new developments to watch that will create jobs in your area of expertise.
New research suggests the job market is becoming more equitable.
Another amazing development is that certain technologies could be improving fairness in the job market. The National Bureau of Economic Research, part of the Federal Reserve System, reported that applicant tracking systems do not differentiate ethnicity or gender when they screen resumes. That means everyone is treated equally, at least in the initial screening phase of the hiring process. Once again, a technology we have been taught to fear and even revile may be helping us, according to economists that have rigorously studied the issue.
This seems like a development to be thankful for while both the federal government and private sector appear to be making efforts to “dismantle” DEI initiatives.
Concluding comments
Despite rhetoric to the contrary, economic trends and rapid technological development may be benefiting our careers. Now that we have had our Thanksgiving meals, let’s look for new opportunities!
Guide to the Post-pandemic Job Market
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