2/1/2024 Explain why business services are disproportionately concentrated in global citiesRead NowSome have a shortage of labor, while others have a surplus of workers.įor example, durable goods manufacturing, wholesale and retail trade, and education and health services have a labor shortage-these industries have more unfilled job openings than unemployed workers with experience in their respective industry. To further understand shifts in the labor force, it is interesting to look at labor force participation across different industries. Meanwhile, in more stable, higher paying industries, the number of employees quitting has been lower.Ī closer look at labor force participation The accommodation and food services sector, on the other hand, struggles to retain workers and has experienced consistently higher than average quit rates. Yet despite the high number of job openings, the health care and social assistance sector has maintained relatively a low quit rate. When taking a look at the labor shortage across different industries, the transportation, health care and social assistance, and the accommodation and food sectors have had the highest numbers of job openings. This is very high compared to the national hiring rate, which was 3.8 percent in July 2023. In fact, leisure and hospitality has maintained the highest hiring rate of all industries since November 2020 fluctuating between 6.7 to 9 percent. Leisure and hospitality lost 1 million workers in March 2023, but 1.1 million people were hired into the industry that same month. The hiring rate has continuously outpaced quit rates. Both industries continue to face quit rates that are higher than the falling national average of 2.6 percent for March 2023. The quit rate for the retail trade industry isn’t far behind, with rates hovering around 3.3 percent so far in 2023. For example, the Accommodation and Food Services industry has had the highest quit rate since July 2021, consistently above 4.9 percent. Understanding America’s Labor Shortage: The Most Impacted Industriesįood service and hospitality struggle to retain workersĭuring the pandemic reshuffling, jobs that require in-person attendance and traditionally have lower wages, have had a more difficult time retaining workers.
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