The Bureau of Labor Statistics’ Job Openings and Labor Turnover Summary’s data said job openings in the U.S. jumped to a record 10.1 million in June, serving as a reminder of how the health crisis has impacted the labor market.
With the bouncing back of the economy, businesses are rushing to augment the workforce despite the threat brought about by the delta variant of the coronavirus.
“This adds an exclamation point or two to the sense of urgency employers are feeling,” Bankrate financial analyst Mark Hamrick, said.
“The economy is reopening. Unfortunately, because of the supply-demand imbalance, with so many businesses opening up, the demand has exploded, whereas the supply will take longer to catch up,” CFRA Research chief investment strategist Sam Stovall, meanwhile, noted.
Just in April, the record of jobs was at 9.3 million and in June, the figure increased and surpassed the 9.1 million average expectation among economists, as surveyed by Dow Jones.
Also in June, the number of people who left their jobs increased to 3.9 million, getting near the 4 million recorded in April. Hiring also got a boost from the previous 5.9 million to 6.7 million. Most of the sectors that needed more workers are in business and professional services, retail trade and hospitality, as well as in the food service and accommodations sector.
In terms of location, the South recorded the highest activity in the number of jobs and the increase in the number of people quitting their jobs, NBC News reported.
On the other hand, layoffs touched its lowest record of 1.3 million. “That tells us the people who accept a job are sticking with a job. It could be that more and more companies are increasing salaries in order to attract and retain their employees. If people are making a better wage, a living wage, then they’re more likely to stick with it,” Stovall said.