A record 4.5 million Americans refuse to go to work, “valuable” workers when employers try to increase wages and offer incentives to recruit personnel.
The number of US workers leaving their jobs in March hit a record 4.5 million, while job openings hit a new high of 11.5 million. These numbers show that employers struggle to fill vacancies amid rising inflation.
Government data released on May 3 confirmed a new trend is underway as the US recovers from the Covid-19 crisis and n…laborer can take advantage of businesses.
The number of jobs that need people to do and the number of people who voluntarily quit their jobs remains high. Meanwhile, businesses have increased wages and offered many incentives to attract workers to leave their old jobs, increasing the turnover rate.
The numbers for both job openings and layoffs are the highest since a record high in December 2000.
“While job openings appear to have remained steady over the past few months, the record high shows that demand for workers is clearly still on,” said Daniel Zhao, economist at online job website Glassdoor. feverish”.
Concerns about public health and childcare responsibilities have made some Americans reluctant to return to work after the pandemic. This opens up higher employment opportunities for Americans who are actively looking for work.
In March, there were 1.9 jobs available per unemployed worker in the US, much higher than the pre-pandemic rate of 1.2 in February 2020.
Retailers boosted job openings with about 155,000 new positions in March. Economists say low-wage workers are the biggest beneficiaries of the labor market. tightening action. They also have the most job-hopping opportunities.
Business leaders have lobbied for expanded immigration to combat labor shortages after travel restrictions dramatically reduced skilled and unskilled workers. Federal immigration officials on May 3 announced an automatic 1.5-year extension for expired work permits for migrant workers.
Economist Nick Bunker said: “Despite fears of an impending recession, employers are still looking to hire for near-record wages and are desperate to keep those workers in their pockets. The job market is still a job seeker’s market. Something powerful has to happen for this to change soon.”
A tight labor market, coupled with soaring food and gasoline prices, helped push US inflation to a four-decade high.
The US Federal Reserve (Fed) will continue to tighten monetary policy in an effort to control inflation. After delivering its first rate hike since 2018 in March, the Fed is expected to deliver a half percentage point increase at its meeting this week.
On May 6, the US Department of Labor is expected to release its monthly payroll report. According to the RT survey, economists expect the data to show the unemployment rate in the US at 3.5%, back to pre-pandemic levels in 2020.
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