Impact of Social Media, COVID-19, and Unemployment Rates in America
During the turn of the 20th century, the Internet became accessible to the public. Eight years later, Steve Jobs created the first Apple iPhone. This handheld screen mobile device with internet capabilities forever changed the way people communicate and conduct business with one another globally and internationally.
One of the biggest impacts of the job market trends today is the increase of opportunities in the digital world. During the pandemic in 2020, schooling shifted to online courses, and so did the job market and labor force. Many businesses changed their employment strategy to fully remote and hybrid options, creating an influx of new liberating opportunities to work online rather than in person. Many workers benefited from this shift, but not all. Those well-versed in the technological age found profits and advancements in their careers and industries, while others who did not keep up with these advancements and shifting trends continued to stay stagnant in obsolete job markets that can easily be replaced by cheap offshore labor and AI.
Social media became a leading marketing strategy for businesses post-pandemic, including mobile applications and web-based streaming services. The gaming industry shifted to online platforms like Twitch by connecting players globally for combative competitions, creating a space for live chats and streams. Influencers on YouTube and TikTok who followed the algorithm saw a boom in views and created opportunities for businesses to advertise services and products to the public internationally. The real estate and construction industry saw an increase in profits due to influencers creating accessible home DIY renovation projects for the average homeowners, followed by the low real estate interest rates markets for buyers, and home rentals for vacations and tenants became common. Elon Musk’s influences on X, formerly known as Twitter, saw an increase in the Tesla stock market and continued to enforce investments in cryptocurrency rather than cash and other monetary values. Online banking made it easier for businesses to access profits, eliminating the need for face-to-face financial services as virtual chat assistance became more common. The food and service industry increased in value when workers in this field became more scarce due to the shift towards online and behind-the-scenes work, creating the need for food delivery services like Uber Eats and DoorDash. Healthcare providers jumped on board with electronic health services and saw a change by providing care with digital means instead of seeing patients in person. Personalized music and audio streaming services like Spotify made it easier for individuals to access podcasts, audio entertainment, and anticipated live events. Bankruptcies in major big box retailers crashed while Amazon’s online shopping, same-day delivery services, and store pick-ups increased. The need for ride shares shifted as taxi drivers became nonexistent, replaced by Uber and Lyft. The emergence of the travel industry for the outdoors and fitness suddenly became the newest and hottest hobby to flex and acquire due to the cabin-like fever Americans felt during the quarantine shutdown.
This changing climate of the employment market through social media, web services, and online remote work meant that many non-technological businesses had to re-strategize a different approach to keep their companies profitable leading to some of the most detrimental structural unemployment trends in the 21st century as the economy tried to recover. Gatekeepers in certain existing industries made it more difficult for entry-level workers to sustain employment and advance in higher pay while inflation continued to rise.
What is Structural Unemployment?
Structural unemployment is a type of unemployment that occurs when employees are involuntarily laid off due to a mismatch of skills of an employee and a growing business entity.
It was noted that the 2020 pandemic had created a rift between Boomers and Millennials as work values drastically changed with work-life balance being the number one most sought out value. GenZers had finally entered the unstable workforce while GenXs continued their career peak in the digitalized corporate and business world. Thousands of deaths in aging Americans and celebrities meant that certain businesses shut down while downsizing, layoffs, and terminations became a rapidly revolving door for others. The highest rate of unemployment nearly quadrupled to a staggering 15%* compared to its predecessor years but quickly simmered to somewhat stability of 4% in 2024 as most Americans reverted to unnecessary in-office work.
The pandemic has forced many people to be creative with the job markets, telecommunications, journalism, and media consumption.
Did something change?
Access to affordable internet service became more accessible to the lower-income classes. Biden’s presidency reduced higher education debt and provided affordable healthcare plans for the aging population which came in clutch for the nation. The residuals of Covid and mask-wearing became a seasonal norm and it seems that America is starting to recoup into sustainability.
What didn’t change is the lack of education for more advancements and training. Free higher education in the digital space and more spoken languages are still not implemented, causing a rift between classes and ethnicities as classism and racism continue to sweep through the nation. With the increased demand in real estate profit margins, homelessness and addiction steadily rose in booming urban and small cities like Minneapolis and Duluth. Crime and stigma were still being targeted toward colored people, cherry-picking and separating them from whites who committed similar or more heinous crimes. Social media consumption covering false and irrelevant news is still on the rise. Gatekeeping certain professions to certain classes and races is still relevant. The country had put a temporary bandaid on an open wound, but these wounds need more credible aftercare for the nation to heal.
Next steps?
Create more affordable housing. Implement better work-life balance by providing better wages for Americans to live comfortably and happily. In a mass job decline in work ethic and opportunities, stopping the gatekeepers, the institutional gaslighting, and the hate will give better opportunities and stability to those Americans who need to make a livable wage. The truth is that Americans are all sick and in need of healing the sick, but we must also be empathic and patient to those who are different and have different points of view.
As one of the youngest countries in the world, we are progressive and will always continue to change as the digital space becomes more globalized, opening new and unfound job markets with better alternatives and solutions allowing our nation to move productively into the next decade.
-LY 08.08.2024
*https://tradingeconomics.com/united-states/unemployment-rate
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