Hiring challenges are acute for several months.
The Labor Department reported Tuesday that job openings rose to a new record high in April, along with the number of people who voluntarily left their jobs. The report underscores the labor demand and turnover rate as businesses emerge from pandemic-related restrictions and the economy begins to strengthen. The number of available positions climbed to 9.3 million during the month, the highest on data back to the year 2000, from an upwardly revised 8.3 million in March.
While companies are hiring as the economy reopens, childcare obligations, lingering health concerns, skills mismatches and enhanced unemployment benefits have kept some Americans from returning to the labor force. The number of vacancies exceeded hires by 3.2 million in April, the biggest gap on record.
Hiring challenges have been so acute in recent months that half of all U.S. states have announced plans to phase out federal unemployment insurance programs early to encourage people to look for work. Meanwhile, employers have been offering bonuses, raising wages, and adding benefits like health insurance to attract workers.
As the Lord Leads, Pray with Us…
- For the Labor Department as it seeks to support the employment recovery.
- For federal, state, and local officials working to reduce the incentives to remain out of the workforce.
- For businesses and industries trying to attract employees and staff and the corresponding increase to inflation.
Sources: Department of Labor, Newsmax
