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10 Million Job Openings in America

America had a record 10 million Job 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 common across industries, as companies are still rebuilding the capacity lost during last year’s lockdowns. According to the Bureau of Labor Statistics report released Monday, professional and business services, retail, hotels and restaurants added the most Job openings. Many Job workers are encountering complexness. Some employees are struggling to find child care, while others are concerned about the risk of contracting the virus at work.

Neil Bradley, executive vice president and chief policy officer of the US Chamber of Commerce said that if our goal is to sustain our economic recovery, we have to get serious about removing barriers to filling these open Job. It also includes addressing childcare needs, rightsizing unemployment programs, skills training, and increasing legal immigration.Many Economists expect that the child care aspect will be addressed when schools reopen in person after the summer. The rampant spread of the Delta variant is adding exposure risk. The pandemic unemployment advantages that have already been discontinued in multiple states will run out in September, which could affect the rate of hiring as well.

In June, the number of hires surged to 6.7 million, particularly due to increased activity in retail and education. The layoff rate was unchanged at 0.9%, the lowest level on record and flat from May, while the voluntary separation rate rose to 2.7%. The unemployment rate fell to 5.4% in July and economists are getting more optimistic that it will reach pre-pandemic levels next year: Goldman Sachs (GS) predicts 3.5% unemployment by the end of 2022.

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