While it might seem at times that the country is embroiled in turmoil, the truth is that in terms of the economy, the country is moving along swimmingly. Of course, when on the ground floor, it might often seem that the market is impenetrable and difficult but that might be because the job market is really changing and new jobs created are in particular industries, fields, or in emerging new ones. Nevertheless, the forecast for 2019 seems bright and hopeful. Let’s take a look at the current state of the economy and see what this year might have in store.
In 2018, the GDP of the country increased at a 4.2%. According to several news outlets, like Reuters, business spending on software increased more that previous estimates and the country imported less petroleum. These are both good signs of internal growth. By the middle of the year, in July 2018, there were 6.9 million job openings, a high number of the past few years. At the end of the year 2018, the U.S added 250,000 jobs and hit an unemployment rate of 3.7%. According to the Bureau of Labor Statistics, the unemployment rate in 2011 under Obama was at about 8.7%. These numbers indicate that the economy of the past couple of years has shown considerable promise and growth and this might be a good indicator of increasing growth for this new upcoming year. Consumer confidence and investor spending is showing signs of improvement as recent administration policies suggest a decrease in taxes and a decrease in regulations.
Back to #1
You might be surprised to learn that we were not at the top spot for many years. Since 2008, the United States returned to no. 1 as the most competitive country in the world. The U.S also made the second highest overall gain from its previous year’s rankings in the World Economic Forum. America has always been at the forefront of entrepreneurial innovation, grit, and advancements. Our love of invention and massive economy profits greatly from the many creative minds that are born in a free society.
Growing Industries
Job gains towards the end of 2018 increased in health care, food services and drinking places, construction, manufacturing, and retail trade. There is also a lot of growth, of course, in the IT and technology sectors. Some of the jobs in healthcare include work for specialty hospitals which include rehabilitation centers and long-term facilities. According to The Balance, there is also a lot of room in Power and Communication Line and related structures construction and this includes any work that helps communications networks. The industry of occupational and physical therapy also continues to grow.
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