Talent Tech SaaS organization analyzes and forecasts what’s ahead for jobs and hiring across the U.S.
ThinkWhy, a SaaS company helping businesses navigate the labor market, has released a 2021 job market outlook report encompassing an analysis and forecast of the 2021 job market with recovery projections through 2025.
“The U.S. is still reeling from the job losses that occurred in March and April 2020 due to the impact of COVID-19, though we’ve found the economy has made substantial progress getting back on track”
Including major themes for the year to come, as well as a look at the impact of COVID-19 on the 2020 labor market, the 2021 Outlook report includes recovery progress by subsector and industry, a look at the pandemic employment impact, job growth by location, wage growth, and look at diversity and demographic impact.
“The U.S. is still reeling from the job losses that occurred in March and April 2020 due to the impact of COVID-19, though we’ve found the economy has made substantial progress getting back on track,” said Jay Denton, SVP of Business Intelligence and Chief Innovation Officer at ThinkWhy. “Should a COVID-19 vaccine become available by early 2021, we’re forecasting one of the strongest years of growth on record in 2021 – an especially important trend for talent acquisition professionals given improved revenue outlooks will prompt more hirings.”
Major 2021 themes outlined in the report include:
The Pace of Recovery
The pace of the recovery will likely vary significantly by industry and location. Close to 22.2 million jobs were lost in March and April 2020 combined, a 14.5% drop in the U.S. employment level. A key measure for understanding the resilience and outlook for the labor market is to measure the current employment level compared to its pre-COVID-19 total – many types of businesses will have recovered all lost jobs before the end of 2021, while others could lag for years.