Sneak Peek Into the 2018 Labor Market

The labor market roared back in 2017 with 13 states hitting record low marks for unemployment rates. In 2018, job seekers will continue to have the advantage due to a variety of factors.

Growing Occupations

Career Digital points out that the labor market should see a few occupations creating more jobs than usual from 2018 to 2026. The U.S. Department of Labor predicts health care, energy, IT and computer science fields to have robust hiring in the coming years. If any of these careers appeal to you, start your job search as soon as possible.

Demand for these jobs is high, but so is the competition. That means you may not have an easy time finding work at a top job. You might have to retool and rethink your strategy and take a job at a lesser-paying rate and work up to a better position in the years ahead.

People Leaving the Workforce

High demand in the medical field is fueled by the retirement of baby boomers in the 2018 labor market. Up to 10,000 boomers retire per day, and those older folks need medical care. Think about a career as a nurse, medical technician or doctor if you want a rewarding professional life and good pay.

Another trend in 2018 is that 10,000 people leave the labor force every day for reasons other than retirement. This suggests that there are 10,000 jobs that open up every single day across a wide range of fields. If you're ready to move to a different line of work or snag a job in general, be ready with a specific skill set.

Skills Needed

Trends in business change quickly, and that lends itself to employees who are able to adapt to different situations. Adaptation is one skill you need to succeed in the labor market. Networking is another big deal because a survey of workplace trends in 2016 noted that 71 percent of HR professionals value employee referrals as a way to find top talent. Consider learning some aspect of computer coding to add value to your skills, even if you don't have a job programming computers. Self-motivators and employees who are self-aware of their situations are also hot commodities among workers because firms value people who know when and how to adapt — and do so on their own initiative.

Growing Salaries

Adding new skills to your set means higher pay for you no matter what occupation you choose. The Congressional Budget Office believes wages may continue to grow 2.5 percent per month into 2018. With more people leaving the labor pool and fewer people entering it, wages may go up even higher since companies have more budgetary leeway and productivity of existing workers increases to make up for the lack of hiring.

Be Ready

With tens of thousands of people leaving the workforce daily, the labor market has a high demand for new employees at all times. Therefore, you should be ready to jump into the job of your dreams at any moment. Brush up on your interview skills, research your chosen companies and take advantage of a looming labor shortage in a high-demand field.

Job seekers have plenty of opportunities in 2018. Let the labor market work for you and get one step closer to your dream job.

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