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What’s going on:Â Â Â Â
The U.S. Department of Labor released its annual analysis of occupational trends, which analyzes employment and wage estimates for more than 800 occupations, according to the official summary. Â
Many of the fastest-growing occupations in the U.S. like management, finance, and transportation, continued the same growth trends in the first two years of the pandemic, according to Reuters. Â
Why it matters:Â Â Â Â
This suggests that the trends in different job markets observed before and during the pandemic are likely to continue, and possibly accelerate even more in the coming years. Â
The labor department’s data revealed that other jobs – like office and administrative support jobs, sales roles, and personal care-related services – continued to decline during the pandemic. These observations in the report suggest that the pandemic wasn’t a major factor in how these trends began. Â
The data also shows wage growth dynamics, which has become a key area of concern for the Federal Reserve in its management of inflation. When analyzing average hourly wages across all occupations, the report shows that hourly wages rose by around 15.7% between May 2019 and May 2022. Â
How it’ll impact the future:Â Â Â Â
The data might indicate that the workforce will shift greater focus to growing occupation sectors, which may lead to increased demand for skilled workers in those areas. As a result, individuals and educational institutions may need to adapt their training and skill development programs to better align with these emerging labor and wage trends as labor shortages and inflation continue to impact the workforce in the U.S.
