Job openings soar to 10.9 million as companies struggle to fill positions
S E E D E D C O N T E N T
Job openings outnumbered the unemployed by more than 2 million in July as companies struggled to fill a record number of vacancies, the Labor Department reported Wednesday.
The department's Job Openings and Labor Turnover Survey, which the Federal Reserve watches closely for signs of slack in employment, showed 10.9 million positions open. That was much higher than estimates of 9.9 million, and also the June total of 10.18 million.
That number swamped the 8.7 million level of those out of work and looking for jobs in July. JOLTS data runs a month behind the regular nonfarm payrolls report, which reported growth of 1.05 million for July.
Hiring slowed sharply in August, with payrolls growing by just 235,000 even as the total unemployed dipped to just shy of 8.4 million.
The rate of job openings measured against the total labor force swelled to 6.9 percent in July, up from 6.5 percent the previous month and 4.6 percent a year ago.
The rate jumped to 10.7 percent from 10.2 percent in the critical leisure and hospitality field, which suffered the most during the Covid-19 pandemic. Openings rose to 1.82 million, a total gain of 134,000 from June.
Financial activities also saw a big gain in openings, with the rate rising to 5.8 percent from 3.8 percent, representing more than 200,000 new positions available. Government openings also increased substantially, to 4.6 percent from 4.2 percent, or a gain of nearly 100,000.
Regionally, the Northeast rate rose to 7 percent from 6.2 percent. Despite being hit hardest by new Covid cases, the South continued to have the highest level of job openings at 7.1 percent, an increase of 226,000 from June.
The hires rate actually dipped for the month, to 4.5 percent from 4.7 percent, while the quits rate, seen as a barometer of worker confidence, was unchanged at 2.7 percent. Layoffs and discharges nudged higher to 1 percent.
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People dont want to work for 12 dollars an hour anymore.
Which is cool. But then don't expect handouts either.
No, they don't. The Taco Bell near work is trying to get employees by offering them free food. I drive past fairly often and they have signs:
'NOW HIRING! FREE FOOD!"
More jobs than people willing to fill them.
Sounds like the perfect opportunity for unions, so I wonder why their numbers aren't increasing?
Does this situation NOT favor employees?
I think employers need to examine objectively the jobs they're offering.
Is the pay decent?
Will employees be getting enough hours to make decent money? I know a lot of fast food joints are hiring, and are offering a higher wage than they used to. Are they allowing employees to work full time? Probably not, because...
Does the job come with benefits - health insurance, retirement plan? And if so, will employees actually be able to access these, or are they only available to full-time employees who don't actually exist?
This is what happens when the federal government butts in and pays people not to work. Why work when you can get paid to do nothing?
Those who are unemployed expect the government to continuously pass extensions; and so far they aren't being disappointed.
The race to the bottom has begun; and it is being lead by Democrats (of course).
The race to the bottom, for wages , began when capitalism took hold. The success of capitalism is predicated on paying workers the lowest salary possible.
Minimum skill = minimum pay. People have to improve their skill to deserve better pay. Burger King and Taco Bell are not places to make a career.
The company I work for his constantly hiring. Most positions start around $14 - $20 an hour. The problem we are seeing is that many might have the qualifications for the job but don't meet the requirements to be able to get to work.
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