May employers’ feelings of despair for workers have weakened a bit as job offers have fallen for the second straight month from March’s record highs.
The The number of open positions has decreased to 11.3 millionThe Ministry of Labor said in a monthly job and turnover survey on Wednesday, down from 11.6 million, which was revised upwards in April. Still, there are nearly two jobs available to all unemployed people in the United States.
Job rates at retail stores, hotels and restaurants skyrocketed as Americans returned to spending their summer leisure time and employers struggled to catch up.
With most signs, the labor market is very strong and there is an initial claim for unemployment insurance only. Inching upwards In the last few months. In a May survey, the proportion of those who quit their jobs was stable, as was the proportion of those who were dismissed.
Concerns about finding well-qualified workers gain Among business leaders in the second quarter of this year, according to a survey by the Chief Financial Officer of the Federal Reserve Bank of Richmond.
“Labor shortages are absolutely a top priority for all the industries I speak to,” said Dave Gilbertson, vice president of UKG, a payroll and shift management software company that monitors 4 million hourly workers. Says. “Each of them is having a hard time hiring. So far, we haven’t seen a decline in job vacancies. Many of those jobs have been open for a long time.”
The Federal Reserve is trying to stop inflation by slowing down business activities by using interest rates enough for a shortage of workers to ease constraints on capacity, but it will unemploy many people. It is not. Layoffs remain low, but the gradual decline in job vacancies is evidence that the strategy may be working.