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I remember growing up and going to school and my teachers talking to us about the American Dream which was this idea that anyone, regardless of where they were born, or under which circumstances they were born into, they could achieve financial independence and find success as a result of hard work, determination, and perseverance. The idea is that each generation would make more than the generation that came before – that was called the American Dream, originally coined by James Truslow Adams in his 1931 book called The Epic of America. In those times, specifically in 1940, that was actually the case because 90% of kids born in that era did end up making more money than their parents. Today, that number is down to about half and is steadily declining.
The Bureau of Labor statistics just released their October data today and the unemployment rate fell to 6.9 percent, which leaves us with 11.1 million unemployed bringing us to where we were in around February of this year. So the good news is we’ve recovered around half the jobs since before the start of the pandemic, more and more people are returning to work from their temporary layoffs. The people that are most protected are the high income earners, so if you earn $60,000 a year or more the recession is almost over. Unemployment in that income level is projected to be down roughly 0.1% in comparison to prepandemic levels. But, if you’re earning $27,000 or less, unemployment levels are still down double digits and it’s not looking like it’s getting much better because the amount of people that are permanently being laid off is actually increasing as companies are forced to restructure the way their businesses by decreasing costs and getting rid of “non essential labor” (BLS: https://www.bls.gov/news.release/pdf/empsit.pdf)
This can be seen in many companies like Disney which is cutting 28,000 jobs, companies like Boeing announced they’re cutting 30,000 jobs in the next 2 years, Exxon Mobil cutting 14,000 jobs, Raytheon is cutting 20,000 jobs, Chevron cutting 15% of it’s entire workforce, and MGM has already laid off 18,000. The list goes on and on. Regardless of who becomes our next President, Congress will still be divided. The good news is that the greatest beneficiary to all of this division will be the stock market which generally prefers a divided congress and a democratic president where it has historically grown better.
Some of the jobs that we lost will never return and the ones that will, are going to look very different from before the pandemic according to the World Economic Forum. Roughly 85 million jobs are going to be replaced by the change of automation by 2025, while 97 million will be added (estimated numbers). Here are some jobs that will see an increase in demand over the next 5 years (source: https://www.weforum.org/reports/the-future-of-jobs-report-2020/digest)
Internet of Things specialists, software and applications developers, cybersecurity / info security analysts, digital transformation specialists (which are people that look for existing and upcoming technologies to leverage growth and stay ahead of their competition), business development professionals, process automation specialists, digital marketing and strategy specialists (think social media), big data specialists, AI and machine learning, blockchain and data analysts and scientists. The 5 most important traits of these jobs are going to be creative thinking, analysis, problem solving, relationship / social influence, and tech skill.
Here are some jobs that will be seeing a decrease in demand in the future. Machine repairman, operations managers, business services / administration managers, assembly and factory workers, accountants and auditors, bookkeepers and payroll clerks, administrative / executive secretaries, and data entry clerks. Mostly people that are in middle management positions.
Please use this time to level up your skillset in preparation for the next few years as this pandemic has sped up the automation process significantly.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.