Kentucky has the No. 8 best job market in the nation in 2023. Southern states are surging, home to nine of the 10 strongest job markets.
There is cautious optimism about the U.S. economy for the first time in a long time. A strong labor market is fueling it. In May, 339,000 jobs were added – nearly double projections – and while that cooled to 209,000 new jobs in June, many experts suggest the economy may be headed to a soft landing instead of a recession.
Peak Sales Recruiting released a study on the Best & Worst Job Markets By State after analyzing U.S. Bureau of Labor Statistics data from 2021 to 2023.
Key Findings:
- Kentucky: 2.7% employment growth (May 2022 to May 2023); 6.7% increase in job openings and 3.3% quits rate (March); wages decreased -0.9%. (2021-2022).
- 10 Strongest States: Louisiana, South Carolina, Florida, Virginia, Idaho, Georgia, Alabama, Kentucky, Arkansas, and Delaware.
- Southern States Surging: Driven by strong employment growth, job openings and quits, job seekers have the confidence to leave and pursue a better job.
California and New York Rank Take Bottom Spots: Wages dropped (6.9% and 5.1%, respectively), labor productivity fell (3.5% and 2.6%), and underemployment rose (8.7% and 8.5%).
The number of open jobs sits at 9.8 million. At a time when quit rates are declining, this signifies that the labor market is strengthening, and companies are looking to expand and hire as many workers as they can. It also means job seekers have more choices and opportunities.
Recent Bureau of Labor Statistics data sheds light on the country’s most in-demand sectors. Notably, most of the recent hires were in professional and business services (64,000); professional, scientific and technical services (43,000); government (56,000) and health care (52,000).
