(NewsNation) — As the U.S. job market undergoes a transformation, the fastest-growing industries with strong job security revolve around AI and machine learning, according to a 2024 report by the World Economic Forum.
Jobs in AI and machine learning are predicted to grow 40% by 2027, amounting to nearly 1 million new jobs. The WEF report ranks roles in sustainability second.
Meanwhile, data entry clerks, administrative and executive secretaries and accounting, bookkeeping and payroll clerks are expected to see the greatest number of losses in employment. The 2023 WEF Future of Jobs report predicts these roles will make up over half of the total expected job destruction in the coming years.
While tech jobs involving AI and analytics will see the fastest relative growth, according to the WEF report, agricultural equipment operators, heavy truck and bus drivers and mechanics and machinery repairers are among the jobs with the largest absolute employment gains.
Despite a lot of anxieties around the U.S. economy, the 2023 job market was relatively smooth. Unemployment claims fell, inflation eased and job openings held at healthy levels.
It remains to be seen whether the 2024 labor market will maintain this strength but according to an Indeed research director, there are reasons to be optimistic.
The demand for workers was moderate in 2023 with a small hike in the number of jobs available. However, the number of available jobs was still lower than recent job market highs.
According to Forbes, the 2024 labor market will come primarily from less hiring rather than more layoffs.
2023 also saw a plateau in the quitting rate, coming in at 2.3% after a wave of employees quit their jobs during the COVID-19 pandemic. Though the days of the Great Resignation are over, employees are still quitting and switching jobs at near-historic rates.
But the growing job market will also bring fierce competition. Nearly 85% of workers say they are considering looking for a new job, a 27% increase over last year, LinkedIn reported. Its “Jobs on the Rise” report found that “job search intensity,” which measures the number of people actively applying to jobs, is up 21% on its platform year over year.
