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In a recent study conducted by Peak Sales Recruiting, Wisconsin was found to have the 26th best job market in the United States. The study analyzed data from the U.S. Bureau of Labor Statistics spanning from 2021 to 2023 to determine the Best & Worst Job Markets By State.
Southern states, on the other hand, are experiencing a significant surge in their job markets, with nine out of the top 10 strongest job markets being located in the south. Louisiana, South Carolina, Florida, Virginia, Idaho, Georgia, Alabama, Kentucky, Arkansas, and Delaware are leading the pack with robust employment growth, increasing job openings, but also a high quit rate, indicating job seekers' confidence in pursuing better opportunities.
This positive trend in job markets across the country is contributing to a newfound sense of cautious optimism about the U.S. economy. The labor market is a major factor fueling this optimism. In May 2023, approximately 339,000 jobs were added, nearly doubling projections. Job growth cooled to 209,000 new jobs in June, but many experts believe that the economy is heading towards a soft landing rather than a recession.
The number of open jobs in the United States sits at around 9.8 million, per the study. This indicates that the labor market is strengthening, with companies looking to expand and hire more workers. Job seekers are now presented with a wide array of choices and opportunities.
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California and New York, two economic powerhouses, have ranked among the states with the weakest job markets. Both states experienced a significant drop in wages, with California witnessing a decline of 6.9% and New York 5.1%. Moreover, labor productivity fell by 3.5% in California and 2.6% in New York, while underemployment rose to 8.7% and 8.5%, respectively.
The study from Peak Sales Recruiting also shed light on the most in-demand sectors in the country. Notably, professional and business services saw the highest number of recent hires, with roughly 64,000 new jobs. The professional, scientific, and technical services sector followed closely with 43,000 new hires, while government and healthcare saw 56,000 and 52,000 new jobs, respectively.
The data suggests that the U.S. job market is on an upward trajectory, with the Southern states leading the way. While Wisconsin secured a respectable No. 26 ranking, the overall outlook is promising, providing hope for continued economic growth and prosperity across the nation.
