![]() and New York saw unemployment rates skyrocket, Arkansas, Nebraska and Oklahoma held the most steady, largely maintaining the previous year’s unemployment rates. Unemployment rates remains least affected in largely rural states Meanwhile, on the other end of the spectrum, Minnesota has the lowest unemployment rate at just 1.9%. and New York have the highest unemployment rates in the nationĪccording to the most recent data, the nation’s capital, the District of Columbia, has the highest unemployment rate in the country at 5.1%. Not only has traveled resumed, but the desire for travel has greatly increased following stay at home orders and limiting international travel restrictions. However, the industry now faces a tremendous opportunity to rebound following the pandemic. Since February 2020, the Leisure and Hospitality industry has lost 633,000 jobs. The leisure and hospitality industry saw the biggest loss of jobs in 2022 This reveals projected growth within the home health and personal care industries, which is slated to increase in demand given the fact that the aging population is growing disproportionately larger than the younger generations. Over the next decade, it is estimated to see an increase at the astronomical rate of 924%. While the education and health services industry currently has the highest number of job openings, the home health and personal care industry is expected to see the highest growth. The industry with the highest projected job growth is home health and personal care However, for businesses, this means that those entering these industries should expect to invest heavily in attracting and retaining staff.Ĩ. For individuals, this indicates a viable field and job security. The Education and Health Services industry currently has the most job openings. It’s no secret that those in the education and health services industry are in high demand, and that’s in part due to low supply. ![]() The industry with the most job openings is the education and health services industry ![]() In general, the labor market has continued to recover over the past year, with employment increasing by 5.8 million-that’s 240,000 above its February 2020 level. On the other end of the spectrum, and perhaps not surprisingly following a pandemic, the leisure and hospitality industries took a hard hit in terms of job loss. The vast majority of new jobs created are coming from the professional and business services industries, which accounted for over one million new jobs created in the last 12 months. The professional and business services industry created over 1.1 million new jobs in the last year alone For perspective, that’s about two-thirds of the jobs added to the economy. Over the past 25 years, small businesses have generated nearly 13 million net new jobs. Though the average small business is operated by a solo founder, small businesses still provide a vast amount of employment opportunities within the U.S. Small businesses have added over 12.9 million jobs in the last 25 years And out of the 33.2 million small businesses, only 650,003 small businesses have between 20 and 499 employees.ĥ. While most small businesses have no employees at all, 16% of small businesses have between one and 19 employees. Just 16% of small businesses have 1-19 employees Over 8 out of 10 small businesses have no employeesĪccording to the aforementioned data, out of the 33.2 million small businesses, 27.1 million are run by a single owner and have no employees. This shows just how vital the growth of small businesses is in a nation that depends so heavily on them for employment and with that, survival. That’s 46.4% of all US employees -a large percentage of employees when less than 20% of small businesses even have employees at all. Yet, despite the fact that over 80% of small businesses have no employees, small businesses employ 61.7 million workers. employees are employed by a small business In fact, there are an astounding 33.2 million small businesses across America. Small Business Administration the reality is that the vast majority of businesses in the U.S. Though the nation’s largest corporations get the spotlight, according to the U.S. 99.9% of businesses across the US are small businesses
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