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Is The ‘American Dream’ Dead?
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Spiggle Law
March 22, 2024
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Is the ‘American Dream’ dead in today’s economic environment?
Job Market Insights
Report: Remote Workers are Less Likely to Get Promoted
Tailored Job Resources
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Is the ‘American Dream’ dead in today’s economic environment?
In the current economic landscape, marked by low unemployment rates and robust growth, the American Dream appears within reach. However, beneath these promising indicators lies a harsh reality: the cost of living is soaring, presenting formidable challenges for many families across the nation.
Despite the economic boom, families are grappling with the unaffordable housing market, exorbitant childcare expenses, and rising education costs. These fundamental pillars of the American Dream are slipping out of reach for a growing number of individuals and households.
The housing market, in particular, reflects this paradox - with high home prices and rising mortgage rates making home-ownership a distant dream for many. Bidding wars and limited housing supply further exacerbate the affordability crisis, especially in regions like California.
Families are making difficult choices, from living with relatives, to sacrificing career opportunities in order to afford childcare. The widening wealth gap between homeowners and renters adds another layer of complexity, hindering the ability of younger generations to build generational wealth through home-ownership.
Whilst government initiatives aim to address these challenges, many individuals and families fear they may never attain the financial stability necessary to achieve their aspirations. In navigating these economic realities, it becomes crucial to reassess and adapt traditional notions of the American Dream to better align with contemporary circumstances
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The unemployment rate rose to 3.9% in February 2024
With the number of unemployed people rising by 334,000 to 6.5 million, the unemployment rate rose to 3.9% this February 2024. Unemployment rates for adult women increased this month to 3.5%, while adult jobless rates for men stayed the same at 3.5%.
Annual job opening rates decreased in 2023 compared to 2022
With more jobs available after the pandemic, 2023 job openings decreased to 9.4 million – by 1.8 million in 2022. In 2022, the annual average job openings rate – calculating employment was 6.8%; in 2023, it lowered to 5.7%. With the recovering job market from the pandemic, with only a rate of 4.5%, the job openings available are cooling off.
Women earn 83.6% of men's earnings in 2023
Women who worked full-time wage jobs received median weekly earnings of $1,005 in 2023, while men received $1,202 – with women earning lower median wages in most occupations. The highest median earnings for women were in engineering, architecture, and computer systems occupations – with earnings over $1,600.
Migration assisting with labor shortages in specific fields
In 2023, 3.3 million people migrated into the U.S., according to the Congressional Budget Office, filling shortages of workers in specific fields, specifically healthcare and farming industries. According to the Brookings Institution, with the increase in labor, the U.S. saw continued growth in real consumer spending at .2% in 2023 and 2024, driving the U.S. economy.
Report: Remote workers are less likely to get promoted
In a world increasingly shaped by remote work, a recent analysis by Live Data Technologies revealed a concerning trend: remote workers in the United States are encountering obstacles on their career advancement journey.
According to The Wall Street Journal, remote individuals received promotions 31% less than their in-office counterparts over the past year.
Moreover, they are less likely to benefit from mentorship, with women particularly affected.
Nicholas Bloom, an economist at Stanford University, attributes this phenomenon to what he terms "proximity bias." Remote workers, lacking the physical presence in the office, often find themselves at a disadvantage when it comes to garnering attention for career opportunities.
Nearly 70% of supervisors considered remote workers more replaceable than onsite employees.
Additionally, a significant portion believed that full-time remote work hinders career progress and would prefer their staff to be present in the office.
But there's hope.
Remote workers can take proactive steps to enhance their visibility and impact within their organizations. By embracing consistent communication, sharing project updates, and scheduling regular one-on-one meetings with managers, they can ensure they remain top of mind. It's essential for remote employees to actively integrate company values into their work and showcase alignment with organizational culture. Additionally, mastering the art of "managing up" can demonstrate invaluable initiative and dedication.
Here is a list of our very own career resources, just for you.
Resume and Inverview Services: Should you find yourself unemployed and overwhelmed, worry not. You are not isolated in this struggle. Our mission is to support you in regaining your footing. We have carefully selected and collaborated with several experts for you to select from, who will assist in fortifying your job search and, if you are an existing client, enhancing your case.
E-Books: Interested in learning more about employment law topics? Below are a couple free E-Books written by Tom Spiggle. Interested? Click here to learn more.
The Spiggle Law Firm Podcast: Listen to our podcasts to learn about the world of employment law. You can never be too prepared!
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Thank you for joining us for another edition of the Career Rocket newsletter. We hope you found today's content informative and engaging. Stay tuned for more updates on employment laws, career insights, and industry news in our future editions.
Until next time, keep aiming for the stars in your career journey!
Fly high,
The Career Rocket by The Spiggle Law Firm