Labor Report Indicates Robust Job Market

Issue 83

It's a hallmark sign of this strange pandemic labor market: America had a record 10.1 million jobs available in June, as businesses struggled to hire enough staff to support the full reopening of the economy.

That mismatch between worker demand and supply has been a defining characteristic of the pandemic recovery.

Hiring is rampant across industries, as businesses are still rebuilding the capacity lost during last year's lockdowns. Professional and business services, retail, hotels and restaurants added the most job openings, according to the Bureau of Labor Statistics report released Monday.

But many jobless workers are facing complexities. Some continue to struggle with finding childcare, while others are concerned about the risk of contracting the virus at work.

Economists expect that at least the childcare aspect will be addressed when schools reopen in person after the summer. But the rampant spread of the Covid-19 Delta variant is adding exposure risk. Meanwhile, the generous pandemic-era unemployment benefits that have already ceased in multiple states will run out in September, which could affect the rate of hiring as well.

Source: Wall Street Journal