US companies are struggling to fill a record number of vacancies. Job Openings are at an all time high coming in at 10.943 million open jobs. Job openings outnumbered the unemployed by over 2 million in July. The rate of Job Openings measured against the total labor force is at 6.9% in July which is 2.3% higher from July 2020.
Certain job fields are getting hit harder than others. The hospitality field (food, beverages, travel and tourism, lodging, attractions, and recreation) which suffered the most during the pandemic had 1.82 million job openings which is an increase of 134,000 jobs from June. This is thought to maybe be a cause from the new Delta Variant which is causing a surge in the covid-19 cases. The financial job field is another job field getting hit harder than others. The finance field job openings measured against the amount of people in the labor forces raised to 5.8% from 3.8% which accounts for over 200,000 jobs. Additionally government jobs rose to about 4.6% from 4.2%accounting for about 100,000.
We also look at particular regions that are having a harder time finding workers than others. The south who have been hit harder with covid-19 than any other region is also having the hardest time with job vacancies. Their job openings measured against the amount of people in their labor force is at the highest at 7.1% which is a 226,000 job increase from June. The northeast rates are at 7% which is an increase from 6.2%.
Although we are finding job openings at an all time high the heiress rate this last month actually decreased. It decreased to 4.5% from 4.7%. Could this be an outcome of the new delta variant or caused by people not having the right skills to fit the job openings?
There are many reasons that there are many job openings across the US. Many people believe it has something to do with the unemployment benefits while others believe it has to do with the fear of covid-19 itself. Another cause of the job openings is the lack of skilled workers needed for the jobs. Hopefully in the coming months we will see a decrease in job openings and unemployment.
3 comments:
With waning government support from the height of the COVID-19 pandemic, I think the number of jobs open will certainly decrease. But I hope that companies view this as a wake up call to offer better wages to employees. Especially front line workers, they will face greater risk as long as the Delta variant is a dominant virus spreading in our communities.
I think government assistance had a big impact on willingness to work, but I think COVID fear is a solid reason as well. I've began to see fast food chains in Delaware offering large sign on bonuses, as well as see businesses like Walmart and Target in the news for offered tuition assistance and other great worker benefits. If companies have to start offering to pay for college and other large persuasions, I fear for small businesses who simply can't match that offer.
My article for this blog post was about the lack of jobs being added to the workforce that did not include farming jobs. I find it interesting that in my article many people are concerned of the lack of additions of jobs, however in your article it spoke about how many jobs are available. Ian mentioned how several jobs are offering large sign on bonuses because they are desperate for new hires. My article and your article share very different views on the job issue in the country. I suspect that there is a severe lack in new jobs in more professional job settings, but more availability within the fast food chains and other equivalent jobs. However, those who may be looking for a job within fast food chains may be getting paid more money while on unemployment than while working a full-time job at a food chain job.
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