U.S. unemployment fell to 3.7 percent in September, the lowest number in 49 years, but growth in the job market may just be getting started.
Within the next five years, more than 8 million jobs may be created, according to CareerBuilder CEO Irina Novoselsky.
Most of those will probably be in the ever-growing technology sector, particularly in emerging industries like artificial intelligence, robotics and cybersecurity, Novoselsky said on Friday during an interview with FOX Business’ Maria Bartiromo.
“We’re also seeing a lot of growth in the low wage industries that are really the American fabric: manufacturing,” she said. “But what’s really driving some of the interesting conversation around that is the technology aspect and the skill deficit that’s happening as part of that.”
In September, 18,000 manufacturing jobs were created as part of the 134,000 nonfarm payroll total, as reported by the Bureau of Labor Statistics.
Technology is also driving a lot of growth in high-wage sectors like nursing, software development, secondary education, accounting and marketing, she said. The expected net job growth of those occupations is about 5.71 percent.
Low-wage occupations are growing about the same pace, at 5.69 percent, she said. The fastest-growing positions are health aides, food service, retail, chefs and vocational nurses.
Employers, according to Novoselsky, have said that 70 percent of their jobs involve a major technical component, even in blue-collar jobs like manufacturing. That technological development has left some middle-wage jobs in a lurch though.
“They’re getting hollowed out,” she said. “The top is growing, the bottom is growing, and really the middle is getting stuck in a dilemma where they have to get more skill set if they’re going to get there. They’re either going to go up, or they’re going to get left behind.”