Over the course of the pandemic, the world economy and the U.S. has taken a visible hit. Many people have struggled with losing their jobs as companies go out of business. For current college students and recent graduates, COVID-19 and so much uncertainty meant rescinded offers, both from internships and full-time positions.
There’s still the question of whether the pandemic has made the job market even more competitive and selective and how future recruitment seasons will continue to be affected. The negative consequences of the pandemic have left students wondering what industries to go into after they graduate in order to secure a stable job.
Because so many college students are worried about stability within their future careers, looking at unemployment within the industrial sectors is a great way to analyze the health of specific industries. Luckily for many Bentley students who will go into the industrial sector of Financials, the unemployment rate within that industry has not been too heavily affected by COVID-19.
In August 2019, the Financial Activities industry reported an unemployment of 2.1%, which has only increased to 4.2% as of August 2020, post the beginning of the pandemic. The next best sectors to approach are Agriculture and Related Private Wage and Salary Workers, Government Workers, Education and Health Services, and Professional and Business Services. The Professional and Business Services industrial sector reported a 3.2% unemployment rate as of August 2019, which more than doubled to 7.2% by August 2020. However, this rate is still below the August 2020 national unemployment rate of 8.4%, meaning that Bentley students going into this industrial sector can have faith that this sector has outperformed the overall economy based on the unemployment metric. Insurance (Multi-line, Property & Casualty, and Life & Health) is also an industry that is thriving right now amidst other economic issues.
Full chart found below and the sources here.
Based on another analysis (graph below – click on image to unblur – and source here), several sectors have been hurt very detrimentally, to the point that it may take years for them to return to pre-pandemic GDP contribution levels. These sectors are
- Arts, entertainment, and recreation
- Accommodation and food services
- Mining, quarrying, and oil and gas extraction
While these industries may have faced consequences from the unprecedented economic volatility, “food services and drinking places” is an industry that reported the biggest increase of added jobs between April and May of this year, right after the onset of the pandemic, meaning that there are opportunities to work and make a difference, even in industries that are currently struggling. The chart is below and source here.
It’s a scary time for many industries, companies, and people. Although a Bentley University education has always been worth it, now more than ever, don’t take it from me, look at these placements! If you’re still nervous about the economy or the job market or are struggling to find a job or internship, remember that the economy is slowly but surely recovering and that as a Bentley student, you’re in a relatively good position!