The labor market is seeing sustained pressure where there are tons of job openings, new hires and people leaving all at>Why people quit
Americans said their biggest reasons for quitting in the last year were low pay, a lack of career advancement and because they felt disrespected at work, according to a new report from Pew Research Center.
Organizations have raised wages and worked>Jobseekers have a lot of leverage
Recruiters are fighting to hire for historically high openings and backfill for people moving to new jobs. As of January, there were roughly six jobseekers for every 10 openings — or nearly two open roles for every available worker.
"The problem right now is there aren't enough bodies to fill jobs," says Rucha Vankudre, a senior economist at Emsi Burning Glass, a labor market analytics firm. "Without a major change in the labor force participation rate or employer behavior, like deciding they are willing to let positions stay empty instead of hiring for them, it seems unlikely things will change."
Throughout the pandemic many workers, especially women and caregivers, have been unable to rejoin the labor force due to ongoing child-care challenges and health concerns over the virus.
The U.S. labor market added 678,000 jobs in February, with the largest gains in hard-hit sectors including leisure and hospitality, education and health services, and professional and business services. The February jobs report "indicates that the job market is healthy and resilient to the ebbs and flows of the pandemic," Glassdoor senior economist Daniel Zhao told CNBC. "We've seen that job gains have been over 400,000 for 10 months in a row."
The overall unemployment rate fell to 3.8% in February but remains high for some groups. Broken down by race, the jobless rate is 6.6% for Black workers, 4.4% for Hispanic workers, 3.3% for white workers and 3.1% for Asian American and Pacific Islander workers.
