The stock market’s record highs and recent gains in the job market are clear signals that the American economy is busy recovering. This has led a large number of economists to believe that job growth will continue to be relatively strong this year.
The chief U.S. economist and managing director at Deutsche Bank Securities, Joseph A. LaVorgna, said: “If we could maintain a three percent–plus pace next year (2014) … I’m thinking so far we have in the second half of this year (2013) … then yes, jobs prospects for everyone should improve.”
The improved outlook will likely come as great news for millions of Americans who are still unemployed as well as part-time workers who possess the necessary skills to perform higher quality jobs and are hoping to get a full-time job this year. It is also good news for people with online degrees who are seeking work.
However, adding jobs is one thing; adding quality jobs is a completely different matter. As the November job report showed, the U.S. economy has gained about 2.1 million new jobs in 2013. Nearly 50 percent of those jobs have been in fairly low-wage sectors such as leisure, retail and hospitality.
These low-wage, part-time jobs become an issue when one analyzes the rate of underemployment in the country, which is a more encompassing measure of unemployment that includes individuals who are working part-time and those whose skills are currently not being optimally utilized.
The good news is that a large number of economists believe that job growth will improve this year and that there will also be an upturn in the number of high quality, better paying jobs.
The managing director for Moody’s Analytics, Sophia Koropeckyj, said: “What we do expect is that the recovery will shift gears … and as it does, we will see more of the better-quality jobs,”
She added that if the country experiences improved manufacturing conditions and the export and housing markets improve, we will see the jobs shifting from relatively low-paid part-time jobs that were typical during the last few years into higher paying, better quality full-time jobs.
The wide variety of online colleges offering a selection of online degrees can play a major role in better preparing candidates for the job market. It is a statistical fact that the unemployment rate is higher among individuals without a degree than those who do have a degree.