According to the U.S. Chamber of Commerce, the main driver of the current labor shortage was the COVID-19 pandemic, forcing more than 100,000 businesses to close temporarily and resulting in millions losing their jobs. Subsequent government support for those who lost work and other subsidies made it easier for people to stay home and out of the workforce. A Chamber of Commerce survey found that 1-in-5 people have changed their work style since the pandemic, with 17% having retired, 19% having transitioned to a homemaker role, and another 14% working only part time. The industries with the highest unemployment rates are also those that have added the most jobs, with leisure and hospitality experiencing the highest rates (5.1%) just ahead of wholesale and retail trade (4.4%). Overall, though the job marker has started to cool somewhat, hiring is still outpacing quit rates. The national quit rate in July 2023 was 3.8%, compared to a hiring rate of 4%. And with 9.8 million job openings in the U.S., there should be ample opportunities for job seekers. Read more...
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