COVID-19 responses caused interest rates to plummet near zero and over $3 trillion was injected into the nation’s economy in one year alone, more than six trillion altogether. Valley economist Jim Rounds told ABC15 the nation’s money supply is a big factor in the growth of job openings. The switch occurred in early 2015 and except for the early pandemic lockdown months, hirings have never outpaced job openings. The data goes back 23 years and for most of that time, hirings outpaced openings. Openings have fallen since then and the gap is now 3.4 million. The gap between openings and hirings began growing in 2016 but the government response to the pandemic supercharged openings.Ī year ago this month, there were 5.4 million more openings than hires, the widest gap ever in the data. In the past few years, job openings have far exceeded hirings. In the report, there were 250,000 more discharges and layoffs and 130,000 fewer people voluntarily quit their job. Hirings remained steady at 6.15 million, a drop of only a thousand. This was down 384,000 from February and the lowest number since April of 2021. In March, there were 9.5 million job openings. Labor Department data shows another decline in job openings for the month of March. The hiring signs are starting to disappear from storefront windows.
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