Coined as one of the “strangest summers ever” for the U.S. labor market, there is a record demand for workers after the mass unemployment that occurred last year.
Economic growth has bounced above pre-pandemic trends, however, there are many Americans who are unable or reluctant to take up a position at the moment.
There are still lingering concerns about Covid-19, even amongst vaccinated people/ MAny also earned a safety net from unemployment, which has not forced them to immediately go back to work. Many job patterns typical in the summer have also taken a hit, as international travel has yet to fully bounce back to fruition.
Job reports are forecasted to improve over the summer and into the fall, however, the labor market has experienced record quitting rates and job shortage. This means, for many businesses, they must offer higher incentives to attract workers.
Some companies are beginning to increase their minimum wage to $15, which is what Southwest Airlines plans to do. Many businesses are doing national hiring events and increasing their capital spending significantly.
While businesses may bear the brunt of the current job market, job seekers can take advantage of the current labor shortage crisis. Compared to last year’s market outlook, many industries are hiring again.
If you are looking for a job, consider working with a professional staffing company such as Mastering Staffing Solutions. Whether you are currently unemployed or are looking to change your career, our staffing professionals are here to help you find the right position!
