3 Minute Read

(2021 - 2024)

From January 2021 to mid-2022, the U.S. labor market added 12.4 million jobs, recovering 94% of the 22 million jobs lost during the COVID-19 pandemic.

Data Insights

This job creation brought the unemployment rate down from 14.7% (April 2020) to 3.5% (July 2022), benefiting over 160 million workers in the U.S.​

Source: (POLITICO, Spotlight PA)

(2021 - 2024)

Wages grew by 4.8% across all sectors in 2022, translating to higher pay for over 160 million American workers. In the leisure and hospitality sector, which employs 16 million people, wages surged by over 9% in 2022​

Data Insights

The average wage increased from $29.35 per hour in 2021 to $30.79 in 2023​

Source: (POLITICO)

(2021 - 2024)

Job openings remained high, averaging 9.6 million each month throughout 2023 and into 2024, signaling 60% more labor demand compared to 2020 levels.

Data Insights

Healthcare alone faced a critical shortage of 2 million positions​. The quit rate also remained elevated at 2.7%, reflecting continued confidence in finding better employment.

Source: (POLITICO, Spotlight PA)

(2021 - 2024)

The unemployment rate consistently stayed low, reaching 3.8% in 2024.

Data Insights

This meant only 6.2 million Americans were unemployed, a stark improvement from the 23 million unemployed at the peak of the pandemic.

Source: (POLITICO, Spotlight PA)

(2021 - 2024)

Remote work jumped to 56% of the U.S. workforce by 2023, involving approximately 92 million workers, up from just 20% pre-pandemic.

Data Insights

This massive shift boosted productivity and satisfaction, with 25% of businesses reporting increased employee efficiency.

Source: (POLITICO, Spotlight PA)

(2021 - 2024)

In 2021 alone, 47 million Americans quit their jobs, causing severe labor shortages, particularly in retail and hospitality.

Data Insights

Quit rates in these industries peaked at 4.5% monthly, affecting nearly 5 million workers in the hardest-hit sectors.

Source: (POLITICO, Spotlight PA)

(2021 - 2024)

The labor force participation rate (LFPR) dropped to 62.5% in 2024, a decline from 63.4% in early 2020.

Data Insights

Representing around 2.4 million fewer working-age Americans actively employed or seeking work.

Source: (Spotlight PA)

(2021 - 2024)

While nominal wages grew by 4.8% in 2022, inflation hit 9.1%, the highest in over 40 years, effectively cutting real earnings for 160 million workers.

Data Insights

This meant that, despite wage gains, purchasing power decreased for the majority of households

Source: (Spotlight PA)

(2021 - 2024)

From late 2022 to early 2023, the tech sector shed more than 200,000 jobs globally, including tens of thousands of U.S. workers from major companies like Meta, Amazon, and Google.

Data Insights

This marked a significant shift for a sector that had previously seen near-uninterrupted growth​.

Source: (Spotlight PA)

(2021 - 2024)

Healthcare faced critical shortages with over 2 million unfilled jobs by 2024, exacerbating delays in care for millions of Americans.

Data Insights

Similarly, construction suffered from a 20% worker shortage, slowing housing and infrastructure development​.

Source: (Spotlight PA)

(2021 - 2024)

InHouseAmerica thrives amid the positive U.S. labor market trends by supporting the economic recovery through small business growth and job creation. As the nation added 12.4 million jobs, boosted wages, and embraced remote work.

Data Insights

InHouseAmerica provides a platform for American small businesses to flourish. With more job openings and rising demand, InHouseAmerica helps connect local businesses with consumers, fueling further economic growth and supporting communities nationwide.

InHouse America doesn't endorse anyone but focuses on creating awareness of the importance of supporting small businesses and which administration is best for doing so!