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The Ever Changing Global Labor Market As we m
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The Ever Changing Global Labor Market As we move into 2024, we still can see effects from how the (COVID-19) pandemic affected the global market. International trade almost came to a sudden halt. arts, entertainment, and recreation. Technology has dramatically replaced human labor because tech, such as a robots, have become easy and convenient; therefore, slowly, workers are losing their jobs. Population reduction also influences the functions of the labor market, mainly in terms of employment. Discussion Globalization is vital in studying the effects and influence of earnings in the labor market. The unemployment rate was pushed to13% in 2020 during the pandemic. About half of the 25% workers saw during the great Depression. By the end of 2021, the labor market was still trending downward., employing 1.6 million workers, experienced a government-mandated closure The pandemic resulted in steep job losses. Forcing people out of the labor force. Forty-eight percent of establishments in during the coronavirus pandemic. This was the highest rate of government-mandated closures of any industry. Many people were unable to work because of the COVID-19 pandemic, worked reduced hours, or were prevented from looking for work. The number of unemployed people was 6.8 million by the fourth quarter of 2021. Some referred to this time period as “The Great Resignation”. By 2022, more than 50 million workers quit their jobs, following the 47.8 million who did in 2021. The U.S. economy added 4.8 million jobs in 2022. By 2023, the pace slowed down to 2.7 million new jobs being added. The labor market remained tight in 2023 due to a shrinking workforce, an increased demand for skilled workers and demographic changes. Conclusion Many people who lost their jobs or had their work hours reduced are uncertain about their financial future. This uncertainty may be that they believe they may not be able to find a job that pays as well as their previous employment or that they may not find employment at all. The stress and isolation of the pandemic caused depression and anxiety in many. Our way of life is very different from what we once knew. Businesses such as Amazon replaced in-store shopping. Door Dash and Uber Eats replaced a lot of in-store dining. Some doctor’s appointments are conducted via video instead of at a facility. The global labor market is constantly changing, and the future of the business market is becoming more unpredictable. However, these problematic situations should provide new opportunities and solutions. Exploration of talents and workforce strategies will bring realization that the future of the global market depends on the strategies we lay out today. Transition is never easy, but ultimately it always emerges stronger.
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