Job Openings Skyrocket To 9.3M, Increasing Fears Of Potential Labor Shortage

Job Openings Skyrocket To 9.3M, Increasing Fears Of Potential Labor Shortage

According to new reports, job openings skyrocketed to record highs at the end of the month of April, the Labor Department stated on Tuesday, increasing fears of a possible labor shortage and unfulfilled demands for workers.

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The number of jobs currently available took a sharp increase by almost a million to reach the 9.3 million mark, according to new reports coming out of the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey, making it the highest number since the agency started tracking in it 2000.

“Demand for workers is surging as the broader economy starts to emerge from the pandemic,” Indeed Hiring Lab director of research Nick Bunker went on to say. “At the same time, supply is restrained as workers are slow to find their post-pandemic normal.”

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via Washington Examiner:

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Some conservative economists and Republicans argue that the federal government’s jobless benefit boost is a significant part of the problem.

Half of the country’s states, all of which are led by Republican governors, have announced plans to exit from the $300-a-week expanded federal unemployment program early, given recent economic growth and fears of a labor shortage.

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For many months during the pandemic, Democrats and Republicans debated the appropriate amount of unemployment aid.

For the first few months of 2021, those receiving unemployment benefits got an extra $300 a week from the federal government on top of what their state already provided. The average person receives $387 in state weekly unemployment payments, according to the Center on Budget and Policy Priorities, which resulted in a total of approximately $687 every week in aid between the federal and state benefits.

Democrats, however, are arguing that the higher jobless benefits are needed right now in order to provide assistance to sidelined workers who need to be able to pay their bills and give a boost to the economy in the short term due to the pandemic forcing folks to stay at home.

The GOP have argued that the higher unemployment benefits have discouraged people from going back to their jobs, especially those in low-wage positions, as they actually make more money from their benefits than they do from their employers.

The number of hires in April didn’t change significantly from the month prior, at 6.1 million, with big job increases in the food and lodging industries and in the federal government.

Hiring decreased in construction, goods manufacturing, and educational services.