Source:
https://wolfstreet.com/2021/08/09/amid-clamoring-of-labor-shortages-as-13-million-people-claim-unemployment-benefits-job-openings-spike-sky-high-across-many-sectors/
"All the evidence – data and anecdotal – has been pointing at the same weird phenomenon:
Employers are facing a “labor shortage,” even as 13 million people still claim some form of state or federal unemployment compensation, because millions of people who used to work and who could work, cannot work now or still do not want to work at the pay and benefit packages offered.
So here is another piece of this phenomenon:
A record spike in unfilled job openings, along with a large number of people who quit an old job to take on a new job, incentivized by aggressive hiring efforts, such as raised wages, hiring bonuses, incentives, and better benefits.
Total unfilled job openings spiked by 590,000 in June to 10.1 million openings, seasonally adjusted, and to 10.3 million not seasonally adjusted, blowing out all prior records, up by 42% from June 2019, according to the JOLTS report by the Bureau of Labor Statistics today:
Faced with difficulties in filling open positions, employers are engaging in aggressive hiring efforts that include increased starting wages, hiring bonuses, other bonuses, better benefits, etc.
– and there have been reports to this effect all over the place, from small companies to major employers such as Walmart and Goldman Sachs.
These hiring efforts, designed to bring in qualified staff in this kind of employment environment, have the effect of attracting people who already have a job, motivating them to quit that job and take that better job.
These “quits” surged to a record in April, ticked down in May, and surged again in June, to 3.9 million people who quit their jobs,
the second-highest in the data, after the April record, showing just how tough the labor market is for employers, both in hiring and retaining staff,
and how hot it is for people who want to work.
This comes as employers of all types reported that their payrolls, at 146.8 million workers, were still down by 5.7 million from February 2020 (green line in the chart below),
according to the BLS jobs report on Friday,
and as households reported that the number of people working, including the self-employed, at 152.6 million, was still down by 6.1 million from February 2020 (red line):
... This weird phenomenon of record job openings and “labor shortages” while 13 million people still claim state or federal unemployment insurance
is now being tested in states that withdrew from the federal unemployment benefits, including benefits that allowed people to make more while unemployed than while working."
https://wolfstreet.com/2021/08/09/amid-clamoring-of-labor-shortages-as-13-million-people-claim-unemployment-benefits-job-openings-spike-sky-high-across-many-sectors/
"All the evidence – data and anecdotal – has been pointing at the same weird phenomenon:
Employers are facing a “labor shortage,” even as 13 million people still claim some form of state or federal unemployment compensation, because millions of people who used to work and who could work, cannot work now or still do not want to work at the pay and benefit packages offered.
So here is another piece of this phenomenon:
A record spike in unfilled job openings, along with a large number of people who quit an old job to take on a new job, incentivized by aggressive hiring efforts, such as raised wages, hiring bonuses, incentives, and better benefits.
Total unfilled job openings spiked by 590,000 in June to 10.1 million openings, seasonally adjusted, and to 10.3 million not seasonally adjusted, blowing out all prior records, up by 42% from June 2019, according to the JOLTS report by the Bureau of Labor Statistics today:
Faced with difficulties in filling open positions, employers are engaging in aggressive hiring efforts that include increased starting wages, hiring bonuses, other bonuses, better benefits, etc.
– and there have been reports to this effect all over the place, from small companies to major employers such as Walmart and Goldman Sachs.
These hiring efforts, designed to bring in qualified staff in this kind of employment environment, have the effect of attracting people who already have a job, motivating them to quit that job and take that better job.
These “quits” surged to a record in April, ticked down in May, and surged again in June, to 3.9 million people who quit their jobs,
the second-highest in the data, after the April record, showing just how tough the labor market is for employers, both in hiring and retaining staff,
and how hot it is for people who want to work.
This comes as employers of all types reported that their payrolls, at 146.8 million workers, were still down by 5.7 million from February 2020 (green line in the chart below),
according to the BLS jobs report on Friday,
and as households reported that the number of people working, including the self-employed, at 152.6 million, was still down by 6.1 million from February 2020 (red line):
is now being tested in states that withdrew from the federal unemployment benefits, including benefits that allowed people to make more while unemployed than while working."
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.