Underwritten by Tristan James Jr.
Employers in the U.S. face an interesting challenge ahead how to fill nearly 10 million job openings with about a million fewer workers than there are positions available.
How successful they are will go a long way in determining whether the recent strong of outsized job gains can continue.
“This likely will have to continue as the Covid19 pandemic changes the jobs market, perhaps permanently”
CNBC
KEY POINTS TO NOTE
1. There are 8.6 million people considered out of work in the U.S. and nearly 10 million job openings.
2. Employers are using a number of incentives, including pet insurance and signing bonuses, to fill those positions.
3. “One of the biggest factors is employers are essentially having to buy back job applicants’ Covid lifestyle,” said one HR executive.
The Department of Labor reported Friday that there are some 8.7 million potential workers who have been looking for jobs and are counted among the unemployed.
At the same time, job placement site Indeed estimates there are about 9.8 million job vacancies as of July 16, or just a few days after the government’s sample period for the monthly numbers.
“This is one of the most complex labor markets in recent memory,”
SCOTTHAMILTON
A just-released survey from Gallagher shows the extent to which employers are willing to go to entice workers in the pandemic era.
Job growth has been surging in recent months, with July’s number, reported Friday, showing an addition of 943,000, the biggest spike since August 2020.
That came on top of respective gains of 938,000 and 614,000 in the previous two months, for an impressive three-month average of 832,000.
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