Businesses Beg For Help — Highest Labor Shortage In Years
(UnitedReader.com) – America has been struggling as inflation continues to drive costs through the roof. Many citizens worry the economy is on the verge of a recession, but recent data suggests the US labor market remains strong. While some residents are panicking over the current issues, and economists are arguing over the trends, the country’s strong pool of workers could offer the best hope for solving our current crisis.
11.3 Million Job Openings, 4.3 Million Quits Show Labor Market Remains Red Hot https://t.co/zgUgVyfaLQ
— usa jaun news (@UsaJaun) July 6, 2022
According to the latest data from the US Bureau of Labor Statistics (BLS), job openings saw a slight decline in May from April to 11.3 million, although experts predicted the figure to be even lower. With the current number of Americans without jobs, the 11.3 million openings means there’s an average of 1.9 jobs available for each unemployed American — so there are plenty of positions for people looking for work.
The US labor market continues to be a strong point for the economy, which is especially good considering its current state. Inflation is at a 40-year high, and consumer spending proved lower than experts had predicted for the first quarter. Breitbart News noted that manufacturing reports show very little growth and possibly even contraction. Wages have also failed to keep up with inflation.
Additionally, the BLS reported that 4.3 million Americans have left their jobs in search of better ones. While the news might look bleak, the high quit rate shows that people are comfortable leaving their positions because they’re confident they can find work — another good sign for an economy that’s seemingly in shambles.
Do you think the strong labor market could be enough to keep the United States from a recession? What’s your takeaway from this data?
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