The tech revolution has reshaped the economy and the way that Americans work.
Here’s what that means for you.
People are becoming more productive in the workplace.
Workers who were previously productive in their home businesses and their families are now getting paid more to do the same job.
The average American earns about $45,000 a year, up from $35,000 last year.
That’s a $10,000 increase over a decade.
That means that people who work in the home or in a family business can expect to make more money than they did in the past.
In other words, they’ll be able to keep more of their paycheck and pay their bills.
More women are entering the workforce.
In addition to being paid more, women are increasingly entering the labor force, with the number of female college graduates and post-graduates working in STEM jobs increasing from 8.9 million in 2000 to 11.1 million in 2020.
The unemployment rate has dropped.
The U.S. unemployment rate fell to 6.5 percent in February 2020 from 6.9 percent in December.
That drop is attributed to the rise of the Millennial generation.
In 2020, the share of people between the ages of 25 and 54 who are unemployed was 12.2 percent, down from 13.1 percent in 2000.
A growing number of Americans are living with their parents.
A recent report from the Economic Policy Institute found that, overall, the number, percent and share of adults living with parents rose from 11.4 percent in 2011 to 13.4% in 2020, up nearly 30 percentage points.
The number of people who are in work has increased.
The share of workers who are employed increased from 25.9 to 27.9 percentage points in 2020 from 10.4 to 11 percent.
The economy is growing faster than people think.
In fact, in the first six months of 2020, real gross domestic product increased by 0.9%.
In the last six months, it increased by 2.7%.
There’s a growing number who are self-employed.
In a recent study, the National Bureau of Economic Research found that self-employment grew from 0.6 percent in the second quarter of 2020 to 0.7 percent in March 2020, an increase of 11.5 percentage points compared to the previous quarter.
The labor force participation rate is at its highest level since 2000.
The participation rate for the working-age population is at 62.5%, its highest since the 1970s.
The workforce is growing.
According to the Bureau of Labor Statistics, the laborforce participation rate increased from 64.3 percent in 2010 to 67.9% in 2018.
More Americans are starting to earn money.
According the Bureau, the median household income rose from $52,600 in 2020 to $56,900 in 2020 (the median household household income was $46,000 in 2010).
There are more people in the labor market.
In 2016, the total number of employed people in America was 1.65 million.
By 2021, that number is expected to rise to 2.1 billion.
People now have jobs that pay a living wage.
A new study from the University of Maryland and the Bureau for Labor Statistics found that the average wage for full-time workers rose from about $10.75 in 2020 for hourly workers to $13.33 in 2021, a 12.3 percentage point increase.
More jobs are available to people with disabilities.
The Disability Employment Equity Act (DEEA) requires employers to provide full- and part-time, part-year, or seasonal workers with paid time off and paid sick leave.
Workers with disabilities, especially those who are elderly or have disabilities that are beyond the typical range of the workforce, can qualify for these benefits.
More people are in college.
In the past year, the average age at which Americans entered college increased by 1.8 years.
More college graduates are starting businesses.
In 2019, more than half of all college graduates started businesses in 2020 compared to 43 percent in 2016.
More than 1 in 4 Americans is working part- time.
In 2021, 1 in 3 Americans is part- or full- time and one in four is not working.
The country is getting older.
The median age of Americans is 30.6, up 2.4 years from 30.5 in 2020 and 1.6 years from 31.1 in 2020 The average age of American workers is also increasing, with 29.1 years in 2020 than 29.7 in 2020 — the largest increase since 1990.
More young people are graduating from college.
The percentage of people in college who are seniors has risen from 13 percent in 2020 with the largest share since the 1960s.
More students are getting jobs