One of the bigger debates these days is whether the U.S. economy has entered a recession after two quarters of negative GDP growth. Unfortunately, (like many things these days) the answer to that question likely depends on the politics of your news.
Conservative-leaning news coverage is quick to pronounce that back-to-back negative GDP numbers indicate we’re in a recession, while liberal-leaning coverage points out that we’ve never had a recession with such strong jobs growth before.
Both are partially true. We’ve never had a recession without at least two quarters of negative GDP growth, but that factor alone does not a recession make. That call belongs to The National Bureau of Economic Research (NBER), which will crunch the numbers and determine whether what we’re going through is a recession at some point in the future.
But the major counterpoint to the negative GDP growth factor is an employment market that’s in its best shape since before the COVID pandemic. In fact, according to the Labor Department, unfilled job openings rose by 590,000 in June to a seasonally adjusted 10.1 million—the highest level since record keeping began in 2000.
That is good news for folks actively job hunting or even just on the lookout for a side hustle. And despite the Russia-Ukraine war, high inflation, and rising interest rates, as you can see in the chart below, the employment rate in almost every state in the U.S. has continued to decline since the beginning of the year.
| State | Jan. | Feb. | March | April | May | June |
| Alabama | 3.1 | 3.0 | 2.9 | 2.8 | 2.7 | 2.6 |
| Alaska | 5.6 | 5.4 | 5.0 | 4.9 | 4.7 | 4.6 |
| Arizona | 3.7 | 3.6 | 3.3 | 3.2 | 3.2 | 3.3 |
| Arkansas | 3.2 | 3.1 | 3.1 | 3.2 | 3.2 | 3.2 |
| California | 5.8 | 5.4 | 4.9 | 4.6 | 4.3 | 4.2 |
| Colorado | 4.1 | 4.0 | 3.7 | 3.6 | 3.5 | 3.4 |
| Connecticut | 5.3 | 4.9 | 4.6 | 4.4 | 4.2 | 4.0 |
| Delaware | 4.8 | 4.6 | 4.5 | 4.5 | 4.5 | 4.5 |
| D.C. | 6.3 | 6.1 | 6.0 | 5.8 | 5.7 | 5.5 |
| Florida | 3.5 | 3.3 | 3.2 | 3.0 | 3.0 | 2.8 |
| Georgia | 3.2 | 3.2 | 3.1 | 3.1 | 3.0 | 2.9 |
| Hawaii | 4.4 | 4.3 | 4.1 | 4.2 | 4.2 | 4.3 |
| Idaho | 3.0 | 2.8 | 2.7 | 2.6 | 2.5 | 2.5 |
| Illinois | 5.0 | 4.8 | 4.7 | 4.6 | 4.6 | 4.5 |
| Indiana | 2.4 | 2.3 | 2.2 | 2.2 | 2.2 | 2.4 |
| Iowa | 3.7 | 3.5 | 3.3 | 3.0 | 2.7 | 2.6 |
| Kansas | 2.6 | 2.5 | 2.5 | 2.4 | 2.3 | 2.4 |
| Kentucky | 4.4 | 4.2 | 4.0 | 3.9 | 3.8 | 3.7 |
| Louisiana | 4.3 | 4.3 | 4.2 | 4.1 | 4.0 | 3.8 |
| Maine | 4.1 | 4.0 | 3.6 | 3.3 | 3.2 | 3.0 |
| Maryland | 5.4 | 5.0 | 4.6 | 4.2 | 4.0 | 4.0 |
| Massachusetts | 4.8 | 4.7 | 4.2 | 4.1 | 3.9 | 3.7 |
| Michigan | 4.9 | 4.7 | 4.4 | 4.3 | 4.3 | 4.3 |
| Minnesota | 2.9 | 2.7 | 2.5 | 2.2 | 2.0 | 1.8 |
| Mississippi | 4.6 | 4.5 | 4.2 | 4.1 | 4.0 | 3.8 |
| Missouri | 3.8 | 3.7 | 3.6 | 3.4 | 3.1 | 2.8 |
| Montana | 2.7 | 2.6 | 2.3 | 2.3 | 2.4 | 2.9 |
| Nebraska | 2.2 | 2.1 | 2.0 | 1.9 | 1.9 | 1.9 |
| Nevada | 5.2 | 5.1 | 5.0 | 5.0 | 4.9 | 4.7 |
| New Hampshire | 2.9 | 2.7 | 2.5 | 2.3 | 2.1 | 2.0 |
| New Jersey | 5.2 | 4.6 | 4.2 | 4.1 | 3.9 | 3.9 |
| New Mexico | 5.9 | 5.6 | 5.3 | 5.3 | 5.1 | 4.9 |
| New York | 5.3 | 4.9 | 4.6 | 4.5 | 4.4 | 4.4 |
| North Carolina | 3.9 | 3.7 | 3.5 | 3.4 | 3.4 | 3.4 |
| North Dakota | 3.1 | 2.9 | 2.9 | 2.8 | 2.6 | 2.5 |
| Ohio | 4.3 | 4.2 | 4.1 | 4.0 | 3.9 | 3.9 |
| Oklahoma | 2.7 | 2.6 | 2.7 | 2.7 | 2.8 | 2.9 |
| Oregon | 4.3 | 4.0 | 3.8 | 3.7 | 3.6 | 3.6 |
| Pennsylvania | 5.4 | 5.1 | 4.9 | 4.8 | 4.6 | 4.5 |
| Rhode Island | 4.2 | 3.9 | 3.4 | 3.2 | 2.9 | 2.7 |
| South Carolina | 3.5 | 3.5 | 3.4 | 3.3 | 3.3 | 3.2 |
| South Dakota | 2.8 | 2.6 | 2.5 | 2.3 | 2.3 | 2.3 |
| Tennessee | 3.5 | 3.4 | 3.2 | 3.2 | 3.3 | 3.3 |
| Texas | 4.8 | 4.7 | 4.4 | 4.3 | 4.2 | 4.1 |
| Utah | 2.2 | 2.1 | 2.0 | 1.9 | 2.0 | 2.0 |
| Vermont | 3.0 | 2.9 | 2.7 | 2.5 | 2.3 | 2.2 |
| Virginia | 3.3 | 3.2 | 3.0 | 3.0 | 3.0 | 2.8 |
| Washington | 4.4 | 4.3 | 4.2 | 4.1 | 3.9 | 3.9 |
| West Virginia | 4.1 | 3.9 | 3.7 | 3.6 | 3.5 | 3.6 |
| Wisconsin | 3.0 | 2.9 | 2.8 | 2.8 | 2.9 | 2.9 |
| Wyoming | 3.8 | 3.7 | 3.4 | 3.3 | 3.2 | 3.1 |
| Puerto Rico | 7.1 | 6.8 | 6.5 | 6.4 | 6.2 | 3.1 |
Source: U.S. Dept. of Labor, Bureau of Labor Statistics (BLS)
It’s a great time to be job hunting! However, you should be aware that not all industries are in the hiring mode; some are even downsizing.
Many large companies have been hard hit by the stock market’s volatility, as well as rising rates and inflation, necessitating layoffs. Recent major layoffs, according to BusinessInsider.com, include:
- Tesla, 229
- Shopify, 1,000
- 7-11, 880
- Riven, up to 5%
- Vimeo, 6%
- Re/Max, 17%
- JP Morgan, 1,000
- Coinbase, 18%
- Peloton, 2,800
Companies with the Most Vacancies
However, if you are skilled in the administrative/customer support, finance and accounting, healthcare, human resources, legal, marketing and creative, professional and business services, retail, restaurant, or hospitality industries, you are in luck. According to ZipRecruiter.com, dozens of companies have hundreds of positions waiting to be filled. Here are the top ten right now:
- Uber, 50,980
- Capital One, 40,071
- Deloitte, 36,941
- Amazon, 36,895
- Walmart, 29,345
- Whole Foods Market, 29,152
- KPMG, 16,513
- Sam’s Club, 14,076
- DoorDash, 13,169
- TJX Companies, 11,977
Monster.com has compiled their “Monster 100” list of companies that are now looking for employees. The following are their top 10:
- Amazon
- CBRE
- Allied Universal
- Aya Healthcare
- Humana
- PwC
- Marriott International
- Northwell Health
- UnitedHealth Group
- JPMorgan Chase
It’s no surprise to me that there are lots of service industries on that list. Hey, I’m happy that most restaurants and shops have reopened since COVID decimated their industries, but I know that you’ll agree that service has considerably slowed down due to lack of help.
And since we are all looking to earn a higher wage, the Bureau of Labor and Statistics reports that the following—on average—earn the highest salaries:
THE HIGHEST SALARIES IN THE U.S. 2022
| Job | Average Salary | Degree Required | On the Job Training |
| Psychiatrists | $208,000 | Doctoral | Internship and Residency |
| Obstetricians and Gynecologist | $208,000 | Doctoral | Internship and Residency |
| Surgeons | $208,000 | Doctoral | Internship and Residency |
| General Internal Medicine Physicians | $208,000 | Doctoral | Internship and Residency |
| Anesthesiologist | $208,000 | Doctoral | Internship and Residency |
| Oral and Maxillofacial surgeon | $208,000 | Doctoral | Internship and Residency |
| Orthodontists | $208,000 | Doctoral | Internship and Residency |
| Prosthodontists | $208,000 | Doctoral | Internship and Residency |
| Family Medicine Physicians | $208,000 | Doctoral | Internship and Residency |
| Chief Executives | $185,000 | Usually a Bachelor’s | No |
| Nurse Anesthetists | $184,000 | Masters | No |
| Dentists | $183,000 | Doctoral | Residency/certifications |
| Pediatricians | $177,000 | Doctoral | Internship and Residency |
| Airline Pilots, Co-Pilots and Flight Engineers | $161,000 | Bachelor’s | Yes |
| Computer and Informations System Managers | $150,000 | Bachelor’s/Graduates | No |
| Architectural and Engineering Managers | $150,000 | Bachelor’s/Graduates | No |
| Marketing Managers | $140,000 | Bachelor’s | No |
| Petroleum Engineer | $138,000 | Bachelor’s | No |
| Financial Manager | $134,000 | Bachelor’s | No |
So, if you are in a “change job” mode, now is the time to dust off your resume, put your best foot forward and get job hunting!
Have you considered a change of employment during the “Great Resignation”? If so, what was your experience?