Business

US record over 10 million job vacancies

US job vacancies hit a fresh record in June amid reports the country continues to face a labour shortage.

Job vacancies jumped by 590,000 to 10.1 million on the last day of the month, according to figures from the Labor Department.

That was up from a record 9.5 million openings in May and well above economists’ expectations.

It comes as companies struggle to find workers in sectors such as leisure and hospitality as the economy reopens.

“The ratio of openings to hires, despite easing in June, remained at historically elevated levels,” JPMorgan analyst Peter McCrory said.

US unemployment surged to 14.8% at the start of the coronavirus pandemic, but the economy has been recovering strongly this year.

However, despite restrictions being eased, workers have not rushed back to jobs in the numbers expected.

The shortfall has been blamed on a lack of affordable childcare, generous unemployment benefits, and pandemic-related retirements and career changes.

Some also believe there are too many low-skilled jobs being advertised, and not enough suitable candidates.

Official unemployment figures in July suggested the country might be turning a corner, as employment rose by 943,000. The unemployment rate also fell 0.5 percentage points to 5.4%.

Leave a Reply

Back to top button