8.8 million job vacancies but only 6.3 million unemployed individuals. Despite this, if every unemployed person secured a position, there would still be 3.5 million jobs left vacant. Many businesses had to close their doors, and over 30 million workers found themselves jobless. But since January 2020, there has been a surge in job openings as unemployment started its steady decline. By the end of 2022, a remarkable 4.5 million jobs were added to the economy even though many individuals had exited the workforce. The labor force participation rate has seen a decrease of 0.6% from February 2020, now standing at 62.8%. Multiple factors explain this drop, such as health concerns, the need for family care, inadequate wages, and individuals wanting to upgrade their skills. Over 3 million adults to retire early, and a rise in savings where Americans saved up to $4 trillion since the start of 2020. Furthermore, there’s been a noticeable shift in the labor landscape known as the “Great Resignation” with as many as 3.5 million people resigning in August 2023. #LaborShortage #GreatResignation #JobVacancies #Unemployment #inflation #Retirement
Timestamps:
What’s the Problem With Jobs Today? 0:41
What Can I Do About It? 5:09
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