How Many Unfilled Jobs Are in the US in 2022?
Jobs,According to the Labor Department, employers still have a desperate need for workers. In September, there were 10.7 million job openings. The biggest increase was in the hospitality and leisure industries. These industries have struggled to regain lost workers since the pandemic. Despite the recovery economy, there is a backlog of unfilled positions that are preventing the economy from growing at a slower rate. This problem has caused workers to look for additional jobs and to work longer hours.
Job openings increased 437,000 to 10.7 million on the last day of September
The Labor Department’s latest report on employment shows a rise in job openings. The number of vacancies increased by 437,000 in September from August, a rise of almost 2 percent. Despite the increase, the rate of new hires fell by 0.4 percentage points to 6.1 million. The number of unemployed declined by 20,000 to 6.1 million, and the unemployment rate was at 4.2%, which was also an improvement.
Job openings increased in September, exceeding economists’ estimates. The largest increases were in the health care and social assistance industry and accommodation and food services. Those industries experienced higher than average growth in September, while the wholesale trade industry saw a smaller decline. Meanwhile, the finance and insurance industry reported fewer vacancies.
Economists are closely watching the job openings ratio. If the ratio remains elevated, the central bank could pause rate hikes and avoid a surge in unemployment. Ultimately, the Fed wants to cool the labor market and keep inflation at 2% or lower.
Job openings decreased by 605,000 to 10.7 million on the last day of June
In a report released last month, the US Bureau of Labor Statistics (BLS) reported that job openings in the US decreased by 605,000 from April to June. The decline in job openings was attributed to lower demand for labor. The biggest decrease was seen in the leisure and hospitality sector, which was the most affected by labor shortages in 2018.
The Department of Labor Statistics releases statistics monthly, including employment figures and job openings. In July, the Bureau of Labor Statistics will release the latest Job Openings and Labor Turnover Summary, which shows the number of job openings at a point in time. In June, there were 10.7 million available jobs. That means that the unemployment rate fell by three percentage points in the past three months.
Jobs
Although job openings have decreased over the past year, the numbers are still high compared to previous months. Job openings fell by 605,000 in June, which is the most since April 2020. The decline in job openings comes amid mounting economic challenges and an improved labor market.
Impact of long Covid on unfilled jobs
The impact of long COVID on the US labor market in 2022 has been estimated at $168 billion, but the study only accounts for workers who don’t stop working, but cut back on their hours. Its calculations also fail to account for the lost productivity of caretakers. However, it is possible that long COVID could increase the amount of unfilled jobs in the US.
According to a Brookings report, long COVID could put as many as 2 million to 4 million Americans out of work. This is almost as many as the number of Americans who resigned each month during the Great Recession. In June alone, 4.2 million workers quit their jobs, and in May and April, another 4.3 million people left their jobs. The study also estimated that long COVID could cost as much as three percent of the U.S. economy.
The impact of long Covid on the US economy is still unknown, but experts have identified two cases where long Covid had affected a significant number of people in the US. One was a fitness instructor who was afflicted by COVID-19, which left her bedridden for more than half of the day. As a result, she hasn’t been able to return to work.
Impact of tech worker shortage on unfilled jobs
The United States is already facing a skills shortage, and the issue could grow even more in the next decade. According to a survey by the U.S. Chamber of Commerce Foundation, nearly half of hiring managers surveyed indicated that candidates lacked the skills they require to fill open positions. The rapid pace of automation is also making it difficult to fill existing jobs. As a result, employers need to reskill their workers. As many as four in ten workers will need to learn new skills within six months.
The US economy is increasingly dependent on technology and innovation, and as a result, the supply of skilled tech workers is falling behind the demand. The tech industry accounts for nearly nine percent of the nation’s GDP, and the median wage for tech occupations is 125% higher than the national average. In addition, the number of tech businesses has increased by 5% year over year, and the projected growth rate is twice the national average.
Resignations in tech-related occupations are at an all-time high, and the US Bureau of Labor Statistics estimates that resignations in this sector will increase by 4.5 percent by 2022. Many workers are seeking better work/life balances and higher salaries. This shortage of tech talent has created a number of stress factors for the industry. The current attrition rate of 13.2 percent has been a major impediment to US tech market growth, and it is very expensive for employers.
