Jobs: Major U.S. Employers OVERVIEW
Large numbers of outstanding companies were forced to lay off employees due to both a rapid decline in revenues and uncertainty about the future.
Hardest hit were the entertainment, restaurant, retail and travel sectors.
At the same time, some sectors enjoyed soaring growth.
Interest rates plummeted, causing a massive jump in business at mortgage companies as homeowners sought to refinance their loans.
Home sales, including vacation homes, soared when people sought comfortable surroundings for their newly established work-from-home routines.
Supermarkets and food-delivery services boomed.
Cloud computing firms, cybersecurity companies and digital payments firms, such as Square and PayPal, were also dramatically boosted. By late 2021, thanks to immense federal government stimulus plans and the widespread adoption of Coronavirus vaccines, the U.S.
economy was roaring ahead in most sectors, creating vast numbers of job openings.
Nearly all industries were complaining about large shortages of qualified workers, wages were rising and some industries were offering generous sign-on bonuses.
Many industries were suffering shortages of parts and inventory.
In February 2022, the unemployment rate was down to a modest 3.8%. One of the most important changes in business and related employment has been the acceleration of long-term trends, in a manner that saw years' worth of business change occurring over a matter of months.
The most noticeable of these trends was a boom in ecommerce of nearly all types.
It is vital for the job seeker to use the best reference tools possible in order to seek out employers that offer a reasonable balance of financial stability, opportunities for advancement and good pay. Excellent job opportunities always exist if you know where to look.
Industry Overview Video