The tight labor market gives workers confidence in their ability to find better jobs. And they resigned at a record rate.
About 4 million people quit their jobs in April. According to the Ministry of Labor’s job openings and turnover summary report released this week. with the highest number of exits in the retail business. Professional and business services and transportation, warehousing and public utilities. The workers most likely to lay off live in the South, Midwest, and Western regions.
“Seekers have a strong hand in the labor market,”; said Nick Bunker, an economist at Indeed. due to rising vaccination rates and declining rates of COVID-19 cases
As a result, there are plenty of opportunities for job seekers — a record 9.3 million job openings in April — that workers have an advantage in negotiating higher wages. more consistent hours or better accommodation Some workers may realize that their current job or the jobs they received during the unemployment crisis. no longer suitable And they can move on to something better. Bunker added.
According to the information from the Department of Labor The largest increase in vacancies is in accommodation and food services, other services (from machine repairs to personal care services). and production of durable goods And, according to a recent analysis of job postings from Indeed, employers are hiring HR to help fill other roles. in their company more
Job vacancies declined in education services. Mining and logging
Employers struggling to fill new roles
But in fact, more than 6 million people were employed in April. which corresponds to the previous month Most of the activities take place in accommodation and food services. and in the central government with more voids than people to fill “We go back to the pre-pandemic labor market when it comes to employment difficulties,” Bunker said.
The best way employers can get applicants is to raise wages, he said.
A recent Indeed analysis found that companies That published a broader wage increase found that job search activity was temporarily halted. This includes Amazon’s announcement of an increase in wages in April and Bank of America’s statement that it will raise the minimum wage to $25 by 2025.
Although there is no way of knowing how much skyrocketing search activity actually leads to hiring. But it indicates that raising and declaring higher wages can attract job seekers to apply.
Strong employment demand may benefit workers.
The bunker speculates that many of the factors holding back job seekers are temporary. Concerns about viral infection may be reduced as vaccination rates increase and cases decrease, for example.
Some job search activities may resume in the fall. After the federal increase in unemployment benefits expired in September. Although the actual data indicates that the share of national job search activity in the four states that ended the federal UI on June 12 — Alaska, Iowa, Mississippi and Missouri were actually lower today than at the end. April
Nationwide, 15.4 million Americans still received unemployment benefits as of mid-May. This includes the estimated 11.6 million people and their families who depend on the Plague Era program created by the CARES Act.
The bunker also expects more people to return to work in the fall. As schools resume self-study and childcare facilities remain open: “Many of these temporary labor restrictions may be exhausted. And in the fall we can see different environments for employment.”
for job seekers in the market whether they consider quitting for a better job or returning to the workforce. The bunker advises applicants to take advantage of the current tight labor market: “If you can swing, It’s the best time to do it.”
If you just quit your job to get a better, higher paying job. The ability to work remotely or in another field and want to share your story Email event reporter Jennifer Liu at email@example.com.
Check out: ‘I’m on vacation for my whole life’: Workers battling Covid burnout
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